Since coming to power in May 2014, the new government has adopted several measures to generate positive sentiment about the Indian economy, said Sumit Mazumder, President, CII. Reforms have been taken forward in diverse areas.

Examples include opening up more sectors to foreign investors, easing the regulatory environment for doing business, implementing a non-adversarial and investor-friendly tax system and better allocation of natural resources by making auctions the sole method for granting mining leases.

The government should also be lauded for its management of the economy and fiscal performance. Its recent trade policy was appreciated for its effort to simplify procedures and enhancing trade facilitation.

Outlining his views on the economic outlook, he said that India is now the fastest growing economy in a global environment that remains soft. CII expects GDP growth to lie in the range of 7.8-8.2 per cent in 2015-16. Industry and services are expected to continue on the path of recovery though there are risks that agriculture may be a dampener if the monsoon disappoints.

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