With India's growth rate projected to drop slightly from 7.5 per cent to 7.3 per cent in 2015, the International Monetary Fund,IMF, has recommended the country to launch next phase of economic reforms and improve its business climate for achieving faster and more inclusive growth. The IMF said, in India, while several policy actions have been taken recently, further steps in relaxing longstanding supply bottlenecks, especially in the energy, as well as labour reforms are crucial to achieving faster and more inclusive growth. It added that lower global oil prices have also boosted economic activity in India and underpinned a further improvement in the current account and fiscal position and a sharp decline in inflation.