Acknowledging industry's concerns over sharp decline in manufacturing and widening trade and current account deficit, Commerce & Industry Minister Anand Sharma said that there was need to remove the bottlenecks and boost manufacturing.

Mr. Sharma held a meeting with an industry taskforce to chalk out a roadmap for manufacturing, services and other sectors of the economy.

After the meeting, he said, "It's a shared concern of the industry and the government that they has been a sharp decline in manufacturing and also a worrying scenario when it comes to trade account deficit and current account deficit."

He added that the industry representatives had been assured that required measures would be announced soon. The Minister is expected to announce the measure on Monday, December 24.

India's exports in the April to November period of this year stood at $189.2 billion, representing a drop of (-) 5.9 per cent year-on-year.

Mr. Sharma added that the Government's initiatives, such as opening of various sectors to foreign investors, were welcomed by the industry. He also claimed that the recently approved Cabinet Committee on Investment (CCI) would fast-track huge projects.

Naina Lal Kidwai, president of FICCI, said that the industry was cautiously optimistic on economic growth.