More steps and effective implementation over next 2–3 years are necessary to fully recoup the lost ground.
The economy has been facing serious headwinds as growth had slowed down to 5.5 per cent or less for the last two quarters over and above the subdued growth rate of 6.5 per cent for 2011–12, a rate even lower than crisis period low point of 6.7 per cent growth in 2007–08. Our saving and investment rate had also slipped since 2008–09.