Indian economy is at a turning point feel Experts

The Indian economy is at a turning point was the consensus view of the panelists at the session on "India's Growth Outlook" at the India Economic Summit being organized by the World Economic Forum and the Confederation of Indian Industry here on Wednesday,

Positive sentiment among the investors is now clearly visible though more needs to be done to maintain a strong growth momentum.

"Improving the ease of doing business in India was a major issue and the government has taken up this challenge very seriously," said Ajay Shriram, President, CII and Chairman and Senior Managing Director, DCM Shriram Ltd.

He observed that several reforms could be undertaken by simply studying the best practices of the various states in India. He stated that the action had shifted to the states and the states were now vying with each other to attract investments.

Shriram was of the view that one of the ways to fuel growth was to clear the backlog of mega-projects that were held up for various reasons.

Anand Mahindra, Co-chair, India Economic Summit and Chairman and Managing Director, Mahindra and Mahindra Ltd, said it will take some time to feel the real impact of the reforms being undertaken. He was of the view that the government needed to make steady consistent reforms rather than big bang ones.

"There is a need for the government to undertake a clear and consistent communication strategy to share the economic reform measures that it is undertaking with the electorate. He also stressed on the need for patience for these policy reforms to take hold," said William Danvers, Deputy Secretary General, Organisation for Economic Cooperation and Development (OECD).