Lok Sabha Question No. 316 (UNSTARRED), answered on 2018-12-12
Subject: GDP of India
Ministry: STATISTICS AND PROGRAMME IMPLEMENTATION
Asked by: SHIVKUMAR CHANABASAPPA UDASI

## GOVERNMENT OF INDIA

## MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION

## LOK SABHA

## UNSTARRED QUESTION NO. 316

TO BE ANSWERED ON WEDNESDAY, THE 12 TH DECEMBER, 2018

## GDP OF INDIA

## 316. SHRI SHIVKUMAR UDASI:

Will the Minister of STATISTICS AND PROGRAMME IMPLEMENTATION be pleased to state:

- (a) whether it is a fact that among all countries the GDP of India is now the seventh largest and if so, the details thereof;
- (b) whether  there  is  a  roadmap  to  strengthen  India's  position further;
- (c) whether the Government  plans  to work  towards further increasing the GDP of our country; and

(d) if so, the steps taken in this regard so far ?

## ANSWER

MINISTER  OF  STATE  IN  THE  MINISTRY  OF  STATISTICS  AND PROGRAMME IMPLEMENTATION AND MINISTER OF STATE IN THE MINISTRY OF PARLIAMENTARY AFFAIRS (SHRI VIJAY GOEL)

- (a) As per the International Monetary Fund's (IMF's) World Economic Outlook Report (April-2018),  India  is  the  world's  seventh-largest economy in US $ among 193 countries considered in the report. This ranking is based  on  projection made  by  International Monetary  Fund  (IMF),  for  GDP  (Nominal)  Ranking  for  the  year 2018.
- (b) Reforms  in  the  Indian  Economy  is  a  continuing  process  and various Ministries and Departments are implementing Government's  strategic  programs  and  policies  to  enhance  the economic growth. NITI Aayog has specially been constituted for providing both directional and policy inputs and to enhance cooperative federalism by fostering the involvement of State  Governments  of  India in  the  economic  policy-making process  using  a bottom-up  approach.  Its  initiatives  include  "15 year road map", "7-year vision, strategy and action plan"etc.
- (c) &  (d)    Promoting  growth  of  the  economy  has  always  been  the utmost  priority  of  the  Government.  The  Government  has  taken various  steps  to  boost  the  GDP  growth  of  the  economy.  These, inter-alia,  include    fillip  to  manufacturing  via  Make  in  India programme  and  measures  to  improve  ease  of  doing  business, concrete  measures  for  transport  sector  including  measures  for regional connectivity and power sector via schemes like Ujjwal DISCOM  Assurance  Yojana  (UDAY).  Other  measures  include comprehensive  reforms  in  the  foreign  direct  investment  policy and special package for textile industry. The introduction of the Goods and Services Tax (GST) has provided a significant opportunity to improve growth momentum by reducing barriers to trade,  business  and  related  economic  activities.  The  Union Cabinet approved a significant increase in the Minimum Support Prices (MSPs) for all Kharif and Rabi crops for 2018-19 season, in order to provide major boost to farmer's income. The government has launched a phased program for bank recapitalization entailing  infusion  of  capital  to  the  public  sector  banks,  to  the tune of about Rs. 2.11 lakh crore over two financial years, which is  expected  to  encourage  banks  to  enhance  lending.  Budget 2018-19  included  various  measures  to  provide  a  push  to  the economy, which among others, include major push to infrastructure via higher allocation to rail & road sector, reduced corporate tax rate of 25 per cent for companies with turnover up to Rs. 250 crore which is expected to help 99 per cent of MSMEs, etc.  The Government launched a support and outreach program for  helping  the  growth,  expansion  and  facilitation  Micro,  Small and Medium Enterprises (MSME) sector.

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