The Government is committed to take decisive action to remove domestic constraints and put the country back on the higher economic growth rate of eight per cent.

Addressing the National Conference and AGM of the Confederation of Indian Industries in New Delhi today, Prime Minister Manmohan Singh said, the government is also undertaking a comprehensive review of the FDI policy to see what more can be done. He said, the government will take all steps to ensure that foreign fund flows remain strong and restore the macro-economic balance.

Urging industry leaders to partner with government efforts to reverse the impact of economic slowdown and achieve higher economic growth Dr. Singh termed 5 per cent GDP expansion as clearly disappointing.

He said, the country can overcome undue pessimism and problems like corruption, bureaucratic inertia, constrains of coalition politics and get back to the higher growth trajectory.

Terming high fiscal deficit as unacceptable, he said, the government is determined to do everything possible to achieve the fiscal deficit target to bring it down to 3 per cent by 2016-17.

On Current Account Deficit (CAD), Dr. Singh hoped it would moderate in the current financial year from a high of 5 per cent recorded in 2012-13.

The Prime minister said, the Cabinet Committee on Investment (CCI), set up to fast track regulatory clearances for industry and infrastructure has made significant progress in clearing large projects which were held up for long.

He said, in the petroleum sector, clearances have been given for 5 Oil blocks and issues relating to another 31 blocks are expected to be resolved within the next two weeks.

In power sector, Dr. Singh said, issues relating to the NTPC's proposed 2000 MW project in North Karanpura area of Jharkhand have been resolved.

He said the CCI has also streamlined the process of granting enviornment, forest clearances for Mega projects and clearances of twelve coal mining projects have been fastracked.

He also asked the industry to work closely with the government in promoting skill development and to reap a demographic dividend of a young nation.

Speaking on the ocassion, Commerce and Industry Minister Anand Sharma asked the banks to make available credit at affordable rates to boost investments.

He said, the real need of the hour is to make India globally competitive. Mr. Sharma said a forward looking and pragmatic foreign trade policy will be announced on the 18th of this month.