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          The Indian economy is growing consistently as it recorded a growth of 7.1 per cent in the first half of the current fiscal, despite a moderate growth in the world economy, said Union minister of commerce and industry Nirmala Sitharaman. She added that the Government of India has been taking the necessary steps to increase industrial production and growth.

 

          In spite of a subdued growth in the world economy, India managed to maintain a GDP growth rate of 7.2 per cent in 2014-15, 7.6 per cent in 2015-16 and 7.1 per cent in the months of April to September in the financial year ending March 31, 2017, said Sitharaman in a written reply during Question Hour in the Lok Sabha.

 

          It is the state governments' responsibility to ensure industrial development in backward areas, while the Central government helps by providing various schemes, said media reports quoting Sitharaman. She added that various steps including liberalisation of foreign direct investment (FDI) policy, 'startup India' and 'Make in India' initiatives and industrial corridor development have been taken to boost industrial production.

 

          The Index of Industrial Production (IIP) witnessed a decline of 0.1 per cent between April and September in the fiscal 2016-17, compared to the first half of the previous fiscal. She continued that the annual growth of IIP increased from 0.1 per cent in 2013-14 to 2.8 per cent in the year 2014-15. It saw a slight decline to 2.4 per cent in the previous fiscal.

 

Source : www.fibre2fashion.com

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