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Indian economy grew 7.1% in first half of FY17: Sitharaman

During Apr-Sept, 2016-17, IIP declined by 0.1% over Apr-Sept, 2015-16, Sitharaman said

Press Trust of India  |  New Delhi 

Union Minister Nirmala Sitharaman. Photo: PTI
Union Minister Nirmala Sitharaman. Photo: PTI

India's 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 said on Monday.

Noting that the government has been taking steps to boost industrial production and growth, she said the country's grew 7.1 per cent during April-September period of current financial year which ends on March 31, 2017.

"Despite subdued growth in the world economy, India has maintained a 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

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".

First Published: Mon, November 28 2016. 13:22 IST