Consultations with stakeholders needed to push growth: Govt

"Reforms are possible only with broad-based consensus amongst all the stakeholders after dialogue and discussions," Finance Minister P Chidambaram said in a written reply in the Rajya Sabha.

India, with a federal structure and vibrant multi party democratic polity, has pursued reforms through the process of dialogue and consensus with different stakeholders, he said.

Meanwhile, Minister of State for Finance Namo Narain Meena, in a written reply, said: "Economic reforms is a continnum with various steps taken by the Government to encourage investments, liberalise trade and promote sustainable growth in the economy.

"Government is engaged in wide ranging consultations with key stakeholders in accelerating the measures and legislations that are at various stages of implementation".

The government has received recommendations of the Standing Committee on Finance on the Pension Fund regulatory and Development Authority Bill, 2011, The Banking Laws (Amendment) Bill, 2011, and the Insurance Laws (Amendment) Bill, 2008.

After growing at over 8 per cent for three consecutive years, India's economic growth fell to a low of 6.5 per cent in 2011-12.

In a separate reply, Chidambaram said the slowdown in economic growth is mainly on account of the slowdown in the industrial sector and lower growth registered in the agricultural sector.

"Among domestic factors, the tightening of monetary policy in order to control inflation resulted in the slowing down of investment and growth, particularly in the industrial sector," Chidambaram said.