Prabhu said the country's economy is doing good and it has a huge growth potential in the coming years. “Therefore, we are putting in place all the policy frameworks. We are studying sector by sector and we are finding out wherever there is a scope for improvement,” he told reporters here on the sidelines of the World Economic Forum’s (WEF) India Economic Summit.

“We are taking a lot of policy measures. I am personally working with the ministry of finance and the Niti Aayog and all other government institutions to provide necessary policy as well as fiscal support to ensure the industry can actually produce far more than what they are doing today which will create jobs,” he added.

The minister further said output numbers will all add to the GDP numbers.
Industry captain Ajit Gulabchand put it straight and simple to the government. “If you bring back the joy to do business, private investments will come.” In his frank comment on the sidelines of India Economic Summit (IEC) here, the chief of Hindustan Construction Company said what probably other honchos are shy of saying.

“We need a lot of big fixes that are required. For example, banking. It is not giving any new credit. We need to find a solution. We need to sit and find it quickly,” Gulabchand told reporters. His remark comes at a time when the Modi government is frantically looking to revive private investment. Economists have cited lack of private investment as the primary reason for the growth slumping to 5.7 per cent in April-June period of this financial year.

Essar Group director Prashant Ruia’s statement was no music to ears either. He said it would take at least one more year for the private sector to start reinvesting in all the major sectors. He said huge private investment during the last five years has created a lot of surplus capacity.