Lok Sabha Question No. 2514 (UNSTARRED), answered on 2016-03-11
Subject: Growth Rate
Ministry: FINANCE
Asked by: JYOTIRADITYA MADHAVRAO SCINDIA, AJAY (TENI) MISRA, KAMAL NATH

- (a) whether the Government has recently announced 'boastful claims' that India alone in the world is progressing at a rapid pace and the economy of the other countries is slipping;
- (b)  if so, whether on the basis of such claims, the Government proposes to issue a 'White Paper' on the state of the economy of the country; and
- (c)  if so, the details thereof and the other steps the Government proposes to take to strengthen economy of the country?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI JAYANT SINHA)

(a)  The  growth  rate  of  Gross  Domestic  Product  (GDP)  at  constant  (2011-12)  market  prices increased from 6.6 per cent in 2013-14 to 7.2 per cent in 2014-15 and is estimated to increase to 7.6 per cent in 2015-16, indicating that the growth rate of the Indian economy has improved in  the  last  three  years.  Economic  Survey  2015-16  observes,  'As  per  the  estimates  of  the International  Monetary Fund (IMF), global growth  averaged 3.1 per cent  registered in 2015, declining  from  3.4  per  cent  in  2014.  While  growth  in  advanced  economies  has  improved modestly since 2013, the emerging economies have witnessed a consistently declining trend in growth  rate  since  2010.  It  is  against  this  background  that  the  recent  Indian  growth  story appears particularly bright'.

(b) & (c) The Economy Survey 2015-16 tabled in the Parliament on 26 th February 2016 gives a comprehensive account of the state of the Indian economy.

Economic  reforms  have  a  high  priority  on  the  on  the  agenda  of  the  Government.  The Government of India has taken various steps to boost the growth of the economy which, inter alia ,  include;  administrative  and  regulatory  measures  to  accelerate  growth  in  manufacturing sector; initiatives for industrial corridor development; measures to debottleneck the supply of key  raw  materials;  'Make  in  India'  initiative  along  with  the  attendant  facilitatory  measures intended  to  create  a  more  conducive  environment  for  investment;  and,  Skill  India  initiative. Start-up  India initiative  has  been  launched  to  boost  entrepreneurship  and  creation  of  jobs. Pradhan Mantri Jan Dhan Yojana aim at financial inclusion and boost to household financial savings. Micro Units Development and Refinance Agency Ltd and 'Stand Up India' schemes have  also  been  launched  to  promote  entrepreneurship,  the  latter  focussing  on  SC/ST  and women  entrepreneurs.  Steps  have  also  been  taken  to  improve  clarity  and  transparency  in economic policies. The Budget 2016-17 continued the Government's growth promoting agenda with  many  measures  which,  among  others,  include:  continued  push  to  domestic  demand;

measures  to  improve  agricultural  growth  and  infrastructure,  particularly,  rural  infrastructure; and,  time-bound  plans  for  rural  electrification  and  connectivity;  boost  to  manufacturing  with rationalization  of  customs  and  excise  duties;  liberalized  FDI  policy  in  various  sectors;  and improved ease of doing business for start-ups.

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