Despite global downturn, India continues to grow faster than rest of the world, says India’s Commerce & Industry Ministry.
The global growth is forecast at 3.0% for 2019, its lowest level since 2008-09 as per the World Economic Outlook of the IMF (International Monetary Fund), October 2019.
However, despite this global downturn, India continues to grow faster than rest of the world, said India’s Commerce & Industry Ministry in a statement released on 22nd November.
India’s growth of Index of Industrial Production (IIP), Index of Eight Core industries and Manufacturing sector during the last five years is as follows:
Growth of Index of Industrial Production(IIP), Index of Eight Core Industries (ICI) & Manufacturing Sector.
| Growth/Years | 2014-15 | 2015-16 | 2016-17 | 2017-18 | 2018-19 |
| Overall Growth of IIP | 4.0 | 3.3 | 4.6 | 4.4 | 3.8 |
| Overall Growth of Core Industries | 4.9 | 3.0 | 4.8 | 4.3 | 4.4 |
| Manufacturing Sector | 3.8 | 2.8 | 4.4 | 4.6 | 3.9 |
Source: National Statistical Office (NSO), Office of Economic Adviser, DPIIT.
The growth of industrial sector is an interplay of several factors, like domestic demand, demand for exports, level of investment and prevailing prices.
The Government has been continuously taking steps to boost industrial growth including Infrastructure Sector which includes putting in place a policy framework to create conducive business environment, strengthening Infrastructure network and ensuring availability of required inputs, the Ministry said.
It also said that the Foreign Direct Investment (FDI) policy and procedures have been simplified and liberalised progressively
The Ministry further said, the Government has also taken up a series of measures to improve Ease of Doing Business.
