Govt to soon announce steps to boost investments: Sharma

"What can be done is under active consideration. You can expect some firm steps taken by the government. There have been consultations among senior secretaries of the concerned ministries and departments and also between key ministers and the Prime Minister," Sharma said.

He was speaking to reporters after holding a meeting with industry leaders from CII and Ficci.

".... We hope that in the next three-weeks, there will be decisions by the government which will bring a positive improvement," the Minister said.

Sharma said the industry has raised issues related to cost of credit, reduction in capacity addition and matters related with foreign direct investment.

"There is a sharp concern about the decline in industrial production particularly in the manufacturing sector. We know that there are strong head winds and a conscious effort has to be made...I will urge the RBI to take an early view on cost of credit for industry," he added.

Worsening economic situation has pulled down the index of industrial production by 1.8 per cent in June, third fall in four months.

"Though inflationary pressure is there but depreciation of rupee also adds to that pressure. The economic activity has to continue. Cost of credit has to be made available and it has to be affordable...In the rest of the world, the cost of credit has been brought down," Sharma said.

The Minister said the industry has also raised problems related with land acquisition.