Giving their conclusions at the end of the three-day meet of the world economic forum, the experts largely felt that India was not doing badly as compared to several of its east Asian neighbours but needed to make a lot more effort to streamline its economy by reducing fiscal deficit, improving the growth rate and attracting greater foreign direct investment in infrastructure and other sectors.

Percy Barnevic, co-chairman of WEF and chief of Swedish firm Investor AB, said India should lose no time in stopping subsidies in power, fertilizer and kerosene and control the budget deficit. The country required to invest $30 to 40 billion annually on its infrastructure sector. It can ill afford to continue subsidies.

As for FDI flow in the country, Barnevic said India hardly got $2-3billion dollars against $14 billion in China. "I see noreason why India cannot match China" if necessary improvements are done.

Making a strong case for carrying on reforms, Barnevic asked India to continue its decentralisation programme.

Participating in a meet-the-press programme, former French prime minister Raymond Barre said India had to grapple with its budgetary problems. "We can expect further increase in (fiscal) deficit which will affect investment adversely".

Yet another major problem India would have to contend with was that of balance of payment. The balance of payment situation is likely to worsen in the near future with reduced exports. The government needed to address this situation seriously, the former premiere of France said.

Barre said reform process had to be pursued vigorously. The country must ensure that there is greater dynamism in working of firms through research and innovation and professional training. Equally important was structural reforms in both education and management.

David Eldon, chairman of Hong Kong Bank, pleadedfor further deregulation in the financial system. He said the Reserve Bank was pursuing this but the pace was not fast enough.

Praising China for its economic growth in recent years, Eldon said there was no reason why India should lag behind. The country should look for measures to arrest slowdown in its economy. Obliquely referring to East Asian crisis, Eldon sounded a word of caution for India saying it was not immune to financial volatility.

He chided India for implementing hardly 20 per cent of its FDI against 40 per cent in several other countries. "They aim, aim and aim but nobody fires", he said, apparently referring to plethora of FIPB decisions most of which are not implemented.

Giving his conclusion, NIIT chairman Rajendra S.Pawar pointed out top two issues before the government: Financing and infrastructure. He pleaded for corporate governance to focus specific financing needs of high growth industries like information technology (IT). "We need many venture capital funds". Institutionallending should diversify to include specific needs of high growth companies.