Classification of industry in india according to levels
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During the first term of the NDA regime, as per World Bank, the GDP growth in India was 6.6% in 2017. In the short term, the growth was adversely impacted by Modi government measures like demonetisation and introduction of GST. On the other hand, World Bank has projected its growth forecast at 7.5% for FY2019-20 and retained the same forecast for the next two years as well. This shows a strong industrial outlook for India.
According to the Index of Industrial Production (IIP), our country’s industrial output grew at 3.4% on YoY basis in April 2019. The estimated contribution of various sectors to the GDP is agriculture 16%, industry 30% and services 54% respectively. Promoting industrial growth through infrastructure development, easy access to credit, and through research and skill development measures remain the government’s priority, as evidenced in ‘Make in India’ initiative.