YS Sujana Chowdary Updates from Rajya Sabha. Questions Debates and Current News
Wednesday, December 14, 2011
Slow Down Of Industrial Growth Rate
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
UNSTARRED QUESTION NO-2334
ANSWERED ON-14.12.2011
(a) whether it is a fact that industrial growth has slowed during the last three years;
(b) if so, the details thereof;
(c) what are the sectors that have shown slackness;
(d) what are the factors that have contributed for this; and
(e) the steps taken/being taken by Government to accelerate the industrial growth?
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE & INDUSTRY (SHRI JYOTIRADITYA M. SCINDIA)
(a)&(b): The industrial growth measured in terms of Index of Industrial Production (IIP) has steadily increased during the last three years from 2.5 percent in 2008-09 to 5.3 percent 2009-10 and 8.2 percent in 2010-11. In the current year during Apr-Oct, 2011, the industrial growth is moderate to 3.5% compared to a growth of 8.7% in the corresponding period of the previous year. (c): The sectoral growth for the last three years and the current year is indicated below:-
(d): Factors that have contributed to the moderation in industrial growth during the current year, among others include moderation in the rate of growth of consumption expenditure, underperformance of the construction sector, hardening of interest rates resulting in increase in the cost of capital and global economic uncertainty.
(e): Various steps have been taken by the government to boost industrial production which, inter-alia, include promotion and facilitation of industrial investment including the foreign direct investment; improvement in business environment; development of industrial and other infrastructure through public private initiatives; incentivizing research and development; and development of industry related skills. Government in November, 2011 also announced a National Manufacturing Policy, which aims at making industry globally competitive.
(a) whether it is a fact that industrial growth has slowed during the last three years;
(b) if so, the details thereof;
(c) what are the sectors that have shown slackness;
(d) what are the factors that have contributed for this; and
(e) the steps taken/being taken by Government to accelerate the industrial growth?
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE & INDUSTRY (SHRI JYOTIRADITYA M. SCINDIA)
(a)&(b): The industrial growth measured in terms of Index of Industrial Production (IIP) has steadily increased during the last three years from 2.5 percent in 2008-09 to 5.3 percent 2009-10 and 8.2 percent in 2010-11. In the current year during Apr-Oct, 2011, the industrial growth is moderate to 3.5% compared to a growth of 8.7% in the corresponding period of the previous year. (c): The sectoral growth for the last three years and the current year is indicated below:-
(d): Factors that have contributed to the moderation in industrial growth during the current year, among others include moderation in the rate of growth of consumption expenditure, underperformance of the construction sector, hardening of interest rates resulting in increase in the cost of capital and global economic uncertainty.
(e): Various steps have been taken by the government to boost industrial production which, inter-alia, include promotion and facilitation of industrial investment including the foreign direct investment; improvement in business environment; development of industrial and other infrastructure through public private initiatives; incentivizing research and development; and development of industry related skills. Government in November, 2011 also announced a National Manufacturing Policy, which aims at making industry globally competitive.
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