The GDP growth in the current fiscal is expected to be around 5.5 per cent from 4.7 per cent last year on back of improving macro-economic situation. According to Mid-year economic analysis tabled in Parliament today, the investment is yet to pick up significantly. However, it noted that inflation has come down dramatically due to policy decisions by the Reserve Bank of India and the government and decline in agricultural produce and oil prices. It said, the declining trend of inflation is likely to continue. Retail inflation is likely to be in range of 5.1 to 5.8 per cent in the next five quarters. It also analyzed that public investment can play a greater role to complement and crowd-in private investment to revive growth. The review calls for pursuing counter-structural fiscal policy for reviving growth and finding fiscal space to finance such investment to ensure that projects are judiciously identified and effectively implemented. It said the backlog of stalled projects needs to be cleared more expeditiously. The review said speedier environmental clearances, reforming land and labour laws will also be critical for the growth of the economy.