World Economy

India Improving Economic Conditions

India Improving Economic ConditionsIndia Improving Economic Conditions

Noting that steps were being taken to improve the overall business environment, Commerce Minister Nirmala Sitharaman on Friday said there is ‘generally good buzz’ around the ecosystem after the new government came to power.

Sitharaman, who also holds industry portfoiio, said Index of Industrial Production saw a growth of 2.8 percent during the April-September period of current fiscal, after falling for the past three years, Zee News reported.

“There is a positive movement after the decline. Hope the trajectory of growth will keep going,” she told the Lok Sabha during the question hour.

Noting that government is taking various steps to improve the ease of doing business and stimulate industrial production, Sitharaman said, now “there is generally good buzz around the ecosystem. . .”

Before growing 2.8 percent in latest April-September period, IIP had seen negative growth of 0.1 percent in 2013-14 period. It fell to 1.1 percent in 2012-13 period from 2.9 percent seen in 2011-12 period.

“For the creation of a conducive business environment, the government is constantly simplifying and rationalizing the processes and procedures for boosting investor sentiment, simplifying foreign direct investment and correcting the inverted duty structure,” she said.

Besides, the government has launched the e-biz mission mode project under the national e-governance plan and also the ‘Make In India’ program.

“The growth of manufacturing sector during the last three fiscal years has declined continuously, eventually recording marginally negative growth in 2013-14 and the growth of capital goods has been negative during the same years.

“However, growth of manufacturing sector and capital goods has registered modest recovery during the first half of the current fiscal year,” Sitharaman said.