Question : Economic Growth Rate

(a) whether the Indian economy has been able to ward off the effects of global financial crisis and made a steady progress towards a stable growth and if so, the details thereof and the reasons therefor;

(b) whether the economic growth rate has registered a in increase and if so, the details thereof during the last three years;

(c) the estimated growth rate for the current financial year;

(d) whether there has been surge in the investment inflows thereby pushing the growth rate; and

(e) if so, the details of the domestic and foreign investments during the last three years and the current year?

MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI ARJUN RAM MEGHWAL)

(a)As per the Economic Survey 2015-16, despite weak growth of the world output and global headwinds, the India’s growth story has largely remained positive on the strength of domestic absorption. The country has registered robust pace of economic growth on account of number of measures to boost growth in different sectors of the economy viz. rural infrastructure, fillip to manufacturing and infrastructure through fiscal incentives and other initiatives like Make in India initiative, liberalised foreign direct investment policy in various sectors, improved ease of doing business, etc.

(b) & (c) The economic growth measured in terms of gross domestic product (GDP) at constant (2011-12) market prices was 6.6 per cent, 7.2 per cent and 7.6 per cent respectively for the year 2013-14, 2014-15 and 2015-16. The growth in GDP at constant (2011-12) market prices during the first half of 2016-17 was 7.2 per cent.

(d) & (e) The details of foreign direct investment (FDI) inflows during each of the last three years and current year are as follows.

Foreign Direct Investment (FDI) Inflows
(US Dollar Billion)
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Year FDI Inflows
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2013-14 43.6
2014-15 51.8
2015-16 59.9
2016-17
(April-June) 14.2
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Source: Reserve Bank of India

The details of the gross fixed capital formation, which is also called fixed investment, during each of the last three years and the first half of the current year are as follows.

Gross Fixed Capital Formation (GFCF)
at current prices (Rs. crore)
-------------------------------------
Year GFCF
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2013-14 3564320
2014-15 3844366
2015-16 3972401
2016-17
(April-September) 1979801
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Source: Central Statistics Office

The economic growth measured in terms of gross domestic product (GDP) at constant (2011-12) market prices was 6.6 per cent, 7.2 per cent and 7.6 per cent respectively for the year 2013-14, 2014-15 and 2015-16.
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