Change is a continuous process and likewise country has been keenly working on the growth rate of the economy. Indians as civilians and India as a country both has been continuously struggling hard for the growth of the economy. India’s economy is now gaining momentum and marked as the fastest growing economy with the highest growth rate of 7.9% on the robust manufacturing growth for the entire fiscal. This growth rate is observed in March quarter. Despite of the shrinking exports, faltering private investment and weak capital goods growth, shrinking exports and when already RBI has not disclosed its policy rates, as India is marking an increasing growth rate in the GDP. In about 7 years, China reported its slowest growth rate of 6.7% in the March quarter.
Hotels, trade, communication and transport; financing, real estate, insurance and business services and social, community and personal services account for more than 60% of GDP. Fishing, forestry and Agriculture constitute around 12%. Manufacturing accounts for 15 % of GDP, construction for 8% and remaining 5% is contributed by electricity, mining, gas, quarrying and water supply.
As per Ministry of Statistics and Programme Implementation data the per capita income of India is rose by 7.4% to Rs 93,293 in 2015-16. This increment in the per capita income is a positive sign towards the development of the Indian economy, which clearly means India is heading towards prosperity.
Shaktikanta Das, Economic Affairs Secretary, said – India can move towards 8 per cent growth with better agriculture production.
He further added – “The various measures that the government has been taking in the last couple of years is beginning to show results and overall there are greenshoots, this year hopefully with good monsoon we should look at a growth closer to 8 per cent.”
Chandrajit Banerjee, Director General of CII too said – the economy would achieve around to 8% growth in 2016-17, “riding on the crest of strong macro-economic fundamentals, positive business sentiment and pro-growth monetary and fiscal policies”.
Finance Secretary, Ashok Lavasa said, “We should work towards seeing this (GDP growth) number grow. We are focusing on capital spending in infra and social spending.”
Arvind Panagariya , NITI Aayog Vice Chairman tweeted – “Growth rate in the 4th quarter of 2015-16 at 7.9% almost hits the magical 8% mark. Good days ahead”.
Verdict: Since the new government came into the action, new measures are taken from time to time. These efforts are now reflecting the in growth of the Indian economy. Well, it sounds great to feel that our country is developing with very fast pace and hopefully we shall soon become the developed one. Meanwhile, we shall contribute in the growth in the GDP so as to celebrate the achievement later.
Author: Mrs. Viveka Verma Nagar