Ahead of the last pre-demonetisation GDP figures, pertaining to the second quarter ending September, the government has informed that the Indian economy grew at 7.1 percent in the first six months of the current financial year despite subdued growth in the world economy. The Commerce and Industry Minister Nirmala Sitharaman has said that India has maintained a Gross Domestic Product (GDP) growth rate of 7.1 percent during April to September of 2016-17 over 7.6 percent in 2016-16 and 7.2 percent in 2014-15. In the first quarter ended June, the Indian economy`s growth rate slowed to a six-quarter low of 7.1 per cent.
She added that the government has been taking various steps to boost industrial production and growth, which includes ‘Make in India’ and ‘Startup India’ initiatives, liberalisation of FDI (Foreign Direct Investment) policy and development of industrial corridors. She also said that the primary responsibility of industrial growth of backward areas lies with the state governments, whereas the central government’s role is to supplement their efforts by way of various schemes.
The Minister said that during April-September, 2016-17, IIP (Index of Industrial Production) declined by 0.1 percent over April-September, 2015-16. The annual growth of IIP increased from minus 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.
