New Delhi, Aug 4 (IANS) The government has consistently undertaken wide-ranging reforms to improve the business environment, attract investments, and promote economic growth, the Parliament was informed on Monday, as the country is projected to clock GDP growth in the range of 6.3 per cent to 6.8 per cent in the current fiscal (FY26).

These measures include initiatives undertaken under the Ease of Doing Business programme, comprising the Business Reform Action Plan (BRAP), Business-Ready assessment, Jan Vishwas, and Reducing Compliance Burden on Businesses and Citizens, said Minister of State for Finance, Pankaj Chaudhary, in a written reply to a question in the Lok Sabha.

As per the latest available Provisional Estimates of Gross Domestic Product (GDP) released by the Ministry of Statistics and Programme Implementation, GDP at constant prices is estimated to have grown by 6.5 per cent in 2024-25.

This growth was primarily driven by robust performance in the construction sector (9.4 per cent), public administration, defence and other services (8.9 per cent) and financial, real estate, and professional services (7.2 per cent).

Looking ahead, the Economic Survey 2024-25 has projected GDP growth for the year 2025–26 in the range of 6.3 per cent to 6.8 per cent.

The government has undertaken a series of initiatives to attract greater domestic and foreign investment, focusing on robust capital expenditure, infrastructure development, financial sector reforms, and enhancing the ease of doing business.

The Union Budget 2025–26 identifies investment as one of the four key engines of growth. Complementary measures include credit guarantee schemes, the Production-Linked Incentive (PLI) Scheme, and the creation of a strong skilling ecosystem.

In addition, the government has implemented wide-ranging and transformative Foreign Direct Investment (FDI) reforms across sectors such as defence, civil aviation, pharmaceuticals, single-brand retail, contract manufacturing, digital media, insurance, and space.

To maintain India’s appeal as an investment destination, the FDI policy is reviewed regularly and updated as needed. An investor-friendly framework is in place, with most sectors — except a few of strategic importance — open to 100 per cent FDI under the automatic route, requiring no prior government approval, said the minister.

The Union Budget 2025-26 has set the fiscal deficit target for 2025–26 at 4.4 per cent of GDP.

–IANS

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