New Delhi: The recent reform measures like liberalisation of overseas investment norms in retail and aviation sectors and reduction in petroleum subsidies will help cut fiscal deficit and boost economic growth, President Pranab Mukherjee said yesterday.
Inaugurating the 32nd edition of the India International Trade Fair (IITF) here, Mukherjee said the government has unveiled several policy measures designed to put the economy back on a high growth trajectory.
“Important among these have been the decisions to allow foreign direct investment in multi-brand retail and the civil aviation sector and seek legislative approval for increasing the FDI cap in the insurance and pension sectors,” he said.
“Simultaneously, measures have also been announced to keep government’s subsidy burden in check thereby bringing about a reduction in the fiscal deficit. These measures should help in restoring the economy’s growth momentum.”
India’s economic growth is estimated to decline to nearly a decade’s low in the current financial year, often termed as “policy paralysis”. IANS