Finance Minister Pranab Mukherjee today said the government will take necessary steps to improve economic growth. Mr Mukherjee termed decline in economic growth rate to nine-year low of 6.5 per cent in 2011-12 as disappointing.

In a statement, he said, the government would take all necessary steps to address imbalance on the fiscal front and on the current account. The minister said it would help in checking inflationary expectations and inspire confidence for improved capital inflows as well as recovery in domestic investment growth.

Attributing the slowdown to tight monetary policy, rising interest rates, weak global sentiments and environmental
issues in the mining sector, Mr Mukherjee expressed the hope that
the situation would improve as most of the factors have bottomed out.

Meanwhile, Planning Commission Deputy Chairman Montek Singh Ahluwalia said, it is obvious that the last quarter
growth was disappointingly low.