Days before the swearing-in of new Prime Minister Narendra Modi, top bureaucrats today reviewed the prevailing price situation and discussed proposals to kick start investment cycle with a view to accelerating growth.
The meeting of secretaries of various ministries, called by Cabinet Secretary Ajit Seth, also took stock of the foodgrain situation and government's preparedness to deal with any possible monsoon failure.
"This is a regular meeting, which happens periodically on prices. It is a regular thing, nothing new. Every one month it happens... We just gave our inputs," Finance Secretary Arvind Mayaram told reporters after the meeting.
The officials listed the problems hampering investments and delay in implementation of projects, sources said. Many of the issues were related to land acquisition and timely approval of mega projects.
It may be noted that factory output, as measured by the index of industrial production (IIP), remained flat in 2013-14 and declined 0.1 per cent compared to a meagre expansion of 1.1 per cent in 2012-13.
The output in manufacturing, which constitutes over 75 per cent of the index, contracted 0.8 per cent during 2013-14 compared with 1.3 per cent growth previously.
The availability of foodgrains in case of El Nino effect on monsoon, the lifeline of Indian agriculture, was discussed at length, among other things.
Inputs regarding current food stocks and the likely farm sector output were provided by representatives of the Consumer Affairs and Agriculture Ministries.
The issues concerning decline in the manufacturing sector were raised by secretaries in departments of commerce and industry in the meeting.