Ahead of the second quarter GDP data that will be released later this month, the finance ministry on Monday said that the government is taking more steps to revive the economy.
“The global financial meltdown has had its impact on India. While the government has taken measures to start the growth process, we acknowledge that more needs to be done,” said Arvind Mayaram, secretary, department of economic affairs at a conference by CUTS International.
In order to bring about greater competition in various sectors, Mayaram stressed that governance must be more transparent, accessible and accountable, which has also been suggested by the Financial Sector Legislative Reforms Commission, the Damodaran Committee, the National Competition Policy and the working group on business regulatory framework.
“The government is considering implementation of non-legislative changes recommended by some of these committees ... to kick start the second generation reforms in India,” he said.
Meanwhile, Mayaram on Monday met foreign institutional investors on Monday. He is also understood to have told the investors about the macroeconomic situation in the country and assured them the fiscal deficit target for the current financial year would be met, sources said.