The Commerce and Industry Minister, Nirmala Sitharaman told in a report today that the Indian economy did quite well in the first six months of the current financial year despite a sluggish growth worldwide.
A growth rate of 7.1 percent has been observed in the economy during the time period April to September.
Union Minister Nirmala Sitharaman unveiled the Industrial growth rate for the first half of current financial year in Lok Sabha
“Despite subdued growth in the world economy India has maintained a GDP growth rate of 7.2 percent of in 2014-15, 7.6 percent in 2015-16, and 7.1 percent during April to September of 2016-2017.”
-Union Minister Nirmala Sitharam said in the written report in Question Hour at Lok Sabha
The minister also said that the work of industrial development was majorly owing to the ‘Make in India’ initiative, building up of Industrial corridors, easing out of the Foreign Direct Investment norms and various other ‘Start up India’ programmes undertaken by the government.
She added that the primary responsibility to work on the industrial development lies with the state as she mentioned the Index of Industrial Production which declined by 0.1 percent over April-September in the financial year 2015-2016.
The growth rate of 7.1 percent dropped to this level registering a six-quarter low growth rate that is blamed upon the slowing down of the growth in construction, mining and agriculture sector.
Further data regarding the industrial growth prior to the demonetisation is likely to be revealed on Wednesday.