Indian economy grew 7.1% in first 6 months of current fiscal despite global headwinds

India's economy grew at 7.1 percent in the first six months of the current financial year despite subdued growth in the world economy, Union Minister Nirmala Sitharaman said Monday.Despite demonetisation, India's GDP growth to be higher than China's: Fitch Ratings

New Delhi: India's economy grew at 7.1 percent in the first six months of the current financial year despite subdued growth in the world economy, Union Minister Nirmala Sitharaman said Monday.

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

"Despite subdued growth in the world economy, India has maintained a GDP growth rate of 7.2 percent in 2014-15, 7.6 percent in 2015-16 and 7.1 percent during April to September of 2016-17," the Commerce and Industry Minister said in a written reply during Question Hour in the Lok Sabha.

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 percent 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 percent in 2013-14 to 2.8 percent in 2014-15 and slightly decreased to 2.4 percent in 2015-16."