The growth rate of Gross Domestic Product (GDP) at constant (2011-12) market prices increased from 6.6% in 2013-14 to 7.2% in 2014-15 and is estimated to increase to 7.6% in 2015-16, indicating that the growth rate of the Indian economy has improved int eh last three years. Economic Survey 2015-16 observes, “as per the estimates of the International Monetary Fund (IMF), global growth averaged 3.1% registered in 2015, declining from 3.4% in 2014. While growth in advanced economies has improved modestly since 2013, the emerging economies have witnessed a consistently declining trend in growth rate since 2010. It is against this background that the recent Indian growth story appears particularly bright”.

The Economic Survey 2015-16 tabled in the Parliament on 26.2.2016 gives a comprehensive account of the state of the Indian economy. Economic reforms have a high priority on the agenda of the Government. The Government of India has taken various steps to boost the growth of the economy which, inter-alia, include administrative and regulatory measures to accelerate growth in manufacturing sector, initiatives for industrial corridor development; measures to debottleneck the supply of key raw materials; “make in India” initiative along with the attendant facilitatory measures intended to create a more conducive environment for investment; and skill India initiative. Start-up India initiative has been launched to boost entrepreneurship and creation of jobs, Pradhan mantra Jan Dhan Yojana aim at financial inclusion and boost to household financial savings. Micro Units Development and Refinance Agency Ltd, and “Stand Up India” schemes have also been launched to promote entrepreneurship, the later focusing on SC/ST and women entrepreneurs. Steps have also been taken to improve clarity and transparency in economic policies. The Budget 2016-17 continued the Government’s growth promoting agenda with many measures which, among others, include: continued push to domestic demand; measures to improve agricultural growth and infrastructure, particularly rural infrastructure; and, time-bound plans for rural electrification and connectivity; boost to manufacturing with rationalization of customs and excise duties; liberalized FDI policy in various sectors; and improved ease of doing business for start-ups.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha.

Economic growth rate rising: government policy measures aim to boost domestic demand, manufacturing and entrepreneurship. Gross Domestic Product growth rose to an estimated 7.6% in 2015-16, reflecting improvement over three years. The Economic Survey situates this against weaker global emerging-market growth. The Government's policy package prioritises reforms to boost manufacturing and investment, and deploys flagship initiatives-Make in India, Skill India, Start-up India, Jan Dhan, MUDRA, and Stand Up India-alongside Budget measures to stimulate domestic demand, rural infrastructure, duty rationalisation, liberalised FDI and improved ease of doing business for start-ups.