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The Southern India Mills’ Association

Committed to Foster the Growth of the Textile Industry

Many causes for slow FY17 growth: FM

Weak global economy was a cause: FM
Finance Minister Arun Jaitley on Friday said that the slower GDP growth of 7.1% in the financial year 2016-17, compared with 8% in the previous year, was due to a combination of reasons, including a weak global economy, a reduction in investment, stressed corporate balance sheets, and lower credit.
During the Lok Sabha question hour, Mr. Jaitley said, “The government has taken various initiatives to boost the… economy,” including “a fillip to manufacturing, measures for transport and power sectors,… comprehensive reforms in the FDI policy and a package for textiles.”