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.