Speaking at the national conference of the Confederation of Indian Industry (CII), Bakht said, "What is ahead of us is an enormous potential for growth".

The Industry Minister assured the industry that the Government would remove bureaucratic procedures which created friction and impediment to inflow of funds especially the foreign direct investment.

According to Bakht, the Government will re-appraise the reforms by giving primacy to accelerated development. "We would broaden, widen and speed up the process of internal liberalisation", he added.

Bakht further stated that the Government is examining what further steps, procedural and otherwise, are needed to be taken to accelerate investments into entire infrastructure sector.

Bakht was of the view that the conference should throw some light in identifying the appropriate mix of policies andstrategies that can combine growth not only with "equity" but also with "stability".

The minister said that one had witnessed several economies which were on a high growth path for years and had come almost at par with developing countries.