Indian economy grew 7.1% in April to Sept period of FY17: Sitharaman
India's economy grew at 7.1% in the first six months of the current financial year 2016-17 (FY17) 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% during April-September period of current fiscal which ends on March 31, 2017.
"Despite subdued growth in the world economy, India has maintained a gross domestic product (GDP) growth rate of 7.2% in 2014-15, 7.6% in 2015-16 and 7.1% during April to September of 2016-17," the Commerce and Industry Minister said in a written reply during Question Hour in the Lok Sabha.
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 Foreign Direct Investment (FDI) policy and development of industrial corridors, she added.
"During April-September, 2016-17, Index of Industrial Production (IIP) declined by 0.1% 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 minus 0.1% in 2013-14 to 2.8% in 2014-15 and slightly decreased to 2.4% in 2015-16."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.