Lok Sabha Question No. 4462 (UNSTARRED), answered on 2016-08-12
Subject: Annual Growth Rate
Ministry: PLANNING
Asked by: B.N. CHANDRAPPA, NALIN KUMAR KATEEL

## GOVERNMENT OF INDIA MINISTRY OF PLANNING

## LOK SABHA UNSTARRED QUESTION No. 4462 TO BE ANSWERED ON 12.08.2016

## ANNUAL GROWTH RATE

## 4462. SHRI B.N. CHANDRAPPA: SHRI NALIN KUMAR KATEEL:

Will the Minister of PLANNING be pleased to state:

(a) whether it is a fact that the annual growth rate of development in the country during the current financial year is estimated to be less than the target;

(b) if so, the details thereof along with the estimation of annual rate of development during the last six months;

(c) whether there is huge imbalance in the development of Industrial and Agricultural Sector in the country; and

(d)  if  so,  the  details  thereof  and  corrective  measures  taken  by  the  Government  to  achieve  the integrated growth of Indian economy?

## ANSWER

## MINISTER OF STATE (INDEPENDENT CHARGE) FOR MINISTRY OF PLANNING AND MINISTER OF STATE FOR MINISTRY OF URBAN DEVELOPMENT AND MINISTRY OF HOUSING & URBAN POVERTY ALLEVIATION

## (RAO INDERJIT SINGH)

(a) & (b):   As per the latest data released by Central Statistics Office, Ministry of Statistics & Programme Implementation on 31st May 2016,  the growth  rate  of  Gross  Domestic  Product (GDP) at constant (2011-12) prices for the year 2015-16 is estimated at 7.6 percent (Provisional Estimates (PE)) and the same for Gross Value Added (GVA) at basic prices is estimated at 7.2 per cent respectively. The NITI Aayog does not fix growth rate targets annually.

(c) & (d):   The annual growth rate of 'Agriculture, forestry & fishing' and Industry at constant (2011-12) basic prices for last three years are given in the Table below. While industry registered impressive growth during 2013-14 to 2015-16, growth in the agricultural sector during the same period declined due to the two consecutive years of suboptimal monsoon in 2014-15 and 201516.

Table: Annual Growth Rate of GVA at constant (2011-12) basic prices

(Per cent)

| Item                           |   2013-14 |   2014-15 |   2015-16 @ |
|--------------------------------|-----------|-----------|-------------|
| Agriculture, forestry &fishing |       4.2 |      -0.2 |         1.2 |
| Industry                       |       5   |       5.9 |         7.4 |

Source: Central Statistics Office (CSO).

@  Provisional Estimates as on 31.05.2016.

Note:

The  Government  of  India  is  committed  towards  attaining  faster,  more  inclusive  and sustainable growth. With the aim of revival of growth and investment and promotion of domestic manufacturing for job creation the Government has launched the 'Make in India' and 'Skill India' Campaigns.  Several  initiatives  have  been  taken  in  the  Union  Budget  2016-17  which  aim  at 'Transform  India'  to  have  a  significant  impact  on  economy  and  lives  of  people  with  focus  on enhancing expenditure in priority  areas of  -  farm  and  rural  sector,  social  sector,  infrastructure sector and employment generation. These include steps to re-vitalise PPPs; reforms in FDI policy in  the  areas  of  Insurance  and  Pension,  Asset  Reconstruction  Companies,  Stock  Exchanges; implementation of 'Pradhan Mantri Krishi Sinchai Yojana' in mission mode; creating a  dedicated Long Term Irrigation Fund in NABARD; Programme for sustainable management of ground water resources; promoting organic farming through 'Parmparagat Krishi Vikas Yojana' and 'Organic Value Chain Development in North East Region' and Unified Agricultural Marketing e-Platform to provide a common e-market platform for wholesale market. These measures are expected to revive the Indian economy and instill an impetus towards a balanced high growth trajectory.

********