GDP expansion will pick up to 6.2 per cent in the next financial year (2020-21) and to 6.7 per cent in the year after.
Government has relaxed FDI norms in several sectors like single brand retail trading, contract manufacturing, and coal mining.
A modest overshoot in recent inflation outruns is outweighed by downside risks to RBI's growth estimates.
Growth can come back. Because of a lot of (reforms), economy is in transition, said SBI chief Rajnish Kumar.
Goyal also invited all companies to come forth with new and innovative technologies for the India Railways.
The report ranks 190 nations based on ten parameters, which includes ease of starting a business, construction permits among others.
It also said there is a need to focus on rural markets as overlooking of non-urban centres may lead to undesirable results.
The government is targeting to increase the exports to USD one trillion in coming years.
The markets are extending gains in the hopes of better quarterly results.
The country's reserve position with the Fund also increased by USD 7 million to USD 3.623 billion, the data showed.