The Finance Minister today said that the state governments have to play effective role to reduce inflationary pressure. It has already started coming down.Addressing Indian Corporate and Investor Meet in Kolkata he said that it has already declined to 7.47 per cent by the end of December. He said there is no reason for disappointment for slow growth rate in the country. He added that the growth rate is expected to go up to 8 per cent in next fiscal. It is expected to be at 7 per cent or a bit less by the end of current financial year. Speaking on the occasion, the Minister for Corporate Affairs Mr. Veerappa Moily said that the National Competition Policy will be placed before the Cabinet next month. He said that the Company Bill 2011 has returned from the standing committee and it is expected to be passed in the coming budget session.