India’s economy grew at 7.1 per cent in the first six months of the current financial year despite subdued growth in the world economy, Union Minister Nirmala Sitharaman said on Monday. Noting that the government has been taking steps to boost industrial production and growth, she said the country’s economy grew 7.1 per cent during April-September period of current fiscal which ends on March 31, 2017.
“Despite subdued growth in the world economy, India has maintained a GDP growth rate of 7.2 per cent in 2014-15, 7.6 per cent in 2015-16 and 7.1 per cent during April to September of 2016-17,” the Commerce and Industry Minister said in a written reply during Question Hour in the Lok Sabha.
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Sitharaman also said the primary responsibility of industrial development of backward areas rested with the state governments, while the central government supplements their efforts through various schemes. Various steps being taken to boost industrial production and growth include ‘Make in India’ and ‘Startup India’ initiatives, liberalisation of FDI (Foreign Direct Investment) policy and development of industrial corridors, she added.
“During April-September, 2016-17, IIP (Index of Industrial Production) declined by 0.1 per cent over April-September, 2015-16,” the Minister said. Observing that state and union territory-wise IIP is not maintained centrally, she said “the annual growth of IIP increased from (-)0.1 per cent in 2013-14 to 2.8 per cent in 2014-15 and slightly decreased to 2.4 per cent in 2015-16.