Chennai: There was an urgent need to "incentivise investments", as part of the ongoing fiscal reforms in order to ensure top line growth in the Indian economy, S Narayan, Economic Advisor to the Prime Minister's Office (PMO), said on September 29.

Addressing an interactive session organised by the Madras Chamber of Commerce and Industry (MCCI) in Chennai, he said the desired top line growth was not happening in the country mainly due to lack of incentives for meaningful investment.

He said there was no dearth of internal resources and funds for investment within the country adding that as part of the reforms the next phase should essentially focus on facilitating massive investments by providing better incentives.

He said that once such incentives were offered especially in areas like infrastructure development and industries like steel, the economy was certain to witness significant top line growth.

He said the previous phases of reforms had in fact resulted in bottom line growth mainly because of a series of reductions in tariffs and excise duty, but had not led to top line growth.

PTI