India is an oasis of Economic Growth and Stability
Press Statement of Shri Piyush Goyal on Indian Economy
India continues to be an oasis of economic growth and stability in the world and has retained its status as the fastest growing economy in the world. Despite prevailing world economic conditions, India registered an impressive GDP growth rate of 7.9% in Q4 of 2015-16 and 7.6% in the whole of 2015-16.
Fiscal and Revenue Deficit situation improved for the second straight year but without compromising on capital expenditure (increased by 19.6%) and 50% increase in devolution of tax collections to State Governments in 2015-16.
This overall economic turnaround is supported by rapid growth in underlying sectors like electricity, fertilizers, steel and cement with Index of Eight Core Industries growing 8.5 % Year on Year in April 2016. The performance by these 8 core industries which, account for 38% of the weight of items included in the Index of Industrial Production (IIP), showcases the strengthening of the economic situation.
Reflecting rapid progress towards Prime Minister Narendra Modi’s vision of Power for All, electricity generation in the Core Industries index increased by 14.7 % in April, 2016 over April, 2015. This basic infrastructure improvement is aiding growth across sectors and improving productivity. Government focus on welfare of farmers and doubling their income by 2022 is reflected in 11.3% growth of Fertilizers index during 2015-16.
These numbers demonstrate that the foundational improvements carried out by the BJP led NDA government are showing impressive results and portend rapid economic growth in future.
PIB Mum | MD