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Economic survey 2016-17: Industry and Infrastructure

15/8/2017 131 Economic Affairs | Infrastructure | View Recent Current Affairs

  • Industrial performance has shown a moderation from 8.8 percent during 2015-16 to 5.6 percent in 2016-17.
  • Industrial growth as per Index of Industrial Production (IIP) new series of 2011-12 shows overall IIP growth at 5 percent in 2016-17 as compared to 3.4 percent last year.
  • The Index of Eight Core Industries growth during 2016-17 was 4.8 percent as compared to 3.0 percent in 2015-16.
  • The Government in 2016 introduced imposition of Minimum Import Price (MIP) to counter dumping of Steel into Indian markets. Steps taken by the government have borne fruit since imports of Steel by India have declined by 36.2 percent while exports have risen by 102 percent in 2016-17.
  • The apparel sector is a highly employment intensive industry especially for women. The Government on 22nd June 2016 approved Rs.6,000 crore special package for textile & apparel sector. Post the release of funds in November 2016, there has been a marked rise in clothing exports.
  • The measures taken by the Government has resulted in FDI equity inflow of 43.4 Billion USD in Financial Year 2016-17, which is the highest ever FDI Equity inflows.
  • India is far ahead than many emerging economies in terms of providing qualitative transportation related infrastructure.
  • During 2016-17, Indian Railways registered freight earnings at Rs.104339 crore (P), registered a negative growth of 4.5 per cent over 2015-16 due to carrying larger volume of low fare freight in the year. Passenger earnings at Rs.46280 crore (P) registered an increase of 4.5 per cent during 2016-17.
  • Indian domestic airlines have a very lower share in international traffic to and from India. Factors like foreign airlines utilising the 6th freedom of the air, expansion of capacity entitlements under bilateral air service agreements with foreign countries, lower utilisation of India’s own capacity entitlements, the 0/20 rule and fleet constraints are responsible for the same.
  • The Government formulated and launched the UDAY scheme for financial turnaround of power distribution companies on November 20, 2015. The 26 states and 1 UT which have joined the UDAY scheme account for total outstanding debt of Rs. 3.82 lakh Cr. So far, fifteen states have issued UDAY bonds totaling Rs.2.09 lakh Cr. and DISCOMs have issued Bonds worth Rs. 0.23 lakh Cr.
  • After the introduction of UDAY, National average (all UDAY states) of AT&C loss has come down to 20.2 per cent in FY 2017 from 21.1 per cent in FY 2016; billing efficiency has been increased by 2 per cent from 81 per cent in 2015-16 to 83 per cent in 2016-17 at all India level and 15 states have issued tariff-revisions for FY 2017-18.
  • Under Smart Cities Mission, 57 projects worth Rs.941 crore have already been completed as of April 2017. An estimated additional 462 projects worth Rs.15307 crore are likely to be completed through 2018 provided all the projects that have commenced implementation and those that have been tendered stick to their timelines.

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