Indian Economy Grew 7.1 Per Cent In First Half Of Fiscal Despite Subdued Global Growth


Indian Economy Grew 7.1 Per Cent In First Half Of Fiscal 


Despite Subdued Global Growth 

Commerce Minister Nirmala Sitharaman. Picture credit: BRENDAN SMIALOWSKI/AFP/GettyImages

The Indian economy grew at 7.1 per cent in the first half of the current fiscal, despite subdued growth in the global economy, Parliament was informed today (28 November).

"Despite subdued growth in the world economy, India has maintained a GDP 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," Commerce Minister Nirmala Sitharaman told the Lok Sabha in a written reply.

She said the government has taken various steps to boost industrial production and growth, including initiatives like Make in India and Startup India, liberalisation of foreign direct investment (FDI) rules and development of industrial corridors. The minister 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.

With inputs from IANS