The growth rate of Gross Domestic Product (GDP) at constant (2011-12) market prices was 7.6 per cent in 2015-16, higher than growth rate of 7.2 per cent achieved in 2014-15 and 6.6 per cent in 2013-14, indicating steady acceleration in growth.

Promoting economic growth in the current year and in the years to come is high on the agenda of the Government. The Government of India has taken various initiatives to give boost to the economy which, inter alia, include; fillip to manufacturing and infrastructure through fiscal incentives and concrete measures for transport, power, and other urban and rural infrastructure; substantive reforms and liberalization of foreign direct investment in major sectors; measures to debottleneck the supply of key raw materials; Skill India and Digital India initiatives; and, “Make in India” initiative along with the attendant facilitatory measures for a more conducive environment for investment. The other measures like: the new insolvency and bankruptcy related legislation; Start-up India Initiative to encourage entrepreneurship and creation of jobs; “Stand Up India Scheme” to promote entrepreneurship among SC/ST and women entrepreneurs; boost to agricultural sector with focus on micro irrigation, watershed development, soil conservation and credit; and, various measures to improve clarity and transparency in economic policy-making are also likely to promote growth.

This information was given by Minister of State for Finance Shri. Arjun Ram Meghwal  in written reply to a Lok Sabha question.

Insolvency and bankruptcy legislation among reform measures to boost investment, entrepreneurship and sustained economic growth. Sustained acceleration in real GDP growth is linked to government measures to stimulate investment, production and employment, including fiscal incentives for manufacturing and infrastructure, liberalisation of foreign direct investment, supply-side interventions and programmes such as Skill India, Digital India and Make in India. The strategy foregrounds regulatory and institutional reforms, notably insolvency and bankruptcy related legislation, entrepreneurship promotion initiatives (Start-up India; Stand Up India), and targeted agricultural and infrastructure supports, together with improved policy clarity and transparency.