The government has managed to bring down the number of 'stalled projects' to its lowest level in over three years, but any pick-up in new investment projects is still a few quarters away, a new survey by global banker HSBC has found. In a research note HSBC has said that since March 2014, projects worth about 2 percent of GDP have been unstalled.Progressing steadily, they have now reached a critical mass and can potentially start impacting domestic activity notably. The survey cautions that new projects are 'proving to be as stubborn as anemic bank credit' and the number of such projects fell to its lowest level in a year during the April to June quarter.