Strengthening of Indian Economy

The share of services sector in country’s Gross Domestic Product (GDP) has risen from 50.4 per cent in 2000-01 to 59.0 per cent in 2011-12 (advance estimates).

Industrial growth has been antidote to poverty as the sector has general additional employment of 36.1 million as per Usual Principal and Subsidiary Status (UPSS) basis during 1999-00 and 2009-10.

During 2009-10 and 2010-11, automobiles, rubber and plastics, fabricated metal products, machinery and equipment and radio, TV and communication equipment segments had witnessed double digit growth. Whereas other industrial segments, including chemicals and chemical products, registered lower growth rates.

While pursuing a prudent macroeconomic policy for achieving higher economic growth, specific measures taken to boost growth, inter-aila, include enhancing investment in the infrastructure sector through creation of Infrastructure Debt Fund, focusing on public private partnerships, announcement of new manufacturing Policy and a number of legislative measures to develop banking sector in India. High growth in private investment and addressing supply bottlenecks in agriculture, energy and transport sectors, particularly in coal, power, national highways, railways and civil aviation are also contemplated. The recent reduction in policy rates by 50 basis points by the Reserve Bank of India is expected to further contribute to improved growth prospects.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Rajya Sabha today.

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