Confident of 'deeper and broader' political consensus on reforms, the government said it will smoothen policy and regulatory shortcomings in infrastructure to sustain high growth.
"The (infrastructure) policy and regulatory shortcomings are being smoothed out... Our policy thrust in this regard is on creating efficient regulatory structures and enhancing investment," Finance Minister P Chidambaram has said.
Infrastructure bottleneck is feared to be impeding growth and the country has capacity to absorb upto $150 billion of foreign direct investment in the next five years.
Regulatory problems came in the way of investments.
Irrespective of political differences, the central and state legislatures have worked together for furthering reforms.
"I am confident that his consensus will hold and become broader and deeper," Chidambaram said in his independence day message, which deals in detail the country's experience on economic reforms since 1991.
Introduction of value added tax in states, fiscal responsibility legislations at the Centre and several states bears testimony to India's success in carrying forward reforms through political consensus, he said, adding "I am confident that governments will continue to lead the country on the path of economic reforms."
Chidambaram said India was growing at a 'brisk pace' of over 8 per cent during the last three years and it was one of the fastest growing economies in the world. India has been identified as the only economy capable of maintaining over three per cent growth till 2050.
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