The finance ministry on Wednesday expressed hope that measures taken by the government will help boost investment and revive sagging growth.
Real Gross Domestic Product (GDP) grew by about 4.7 per cent,year-on-year,in the first half of the current financial year 2013-2014. This is much slower than the average growth rate of around 8 per cent achieved in the last decade, said a finance ministry release,attributing the slowdown to deficient rainfall for low farm sector growth and a combination of global factors.
But the ministry said that it is committed to take all necessary steps to revive growth and boost investment by creating a conducive business environment,improving efficiency of the markets,encouraging wider participation of investors and strengthening regulatory and institutional framework. It listed out the initiatives taken by the government in the past one year to boost growth,and said,The economy (is) headed towards gradual recovery and growth stabilisation.