washington underlining that indias 75 per cent growth rate may be overstated the us has said the narendra modi government has been slow to match its rhetoric in economic reforms even as it appreciated measures taken by it in areas like bureaucracy and easing fdi restrictionshighly appreciative of the series of economic reforms in particular streamlining bureaucratic decisionmaking and raising fdi limits in certain sectors the us state department in a report said on tuesday that the modi government has been slow to propose other economic reforms that would match its rhetoricnoting that many of the reforms it did propose have struggled to pass through parliament the report investment climate statements for 2016 said that this has resulted in many investors retreating slightly from their once forwardleaning support of the bjpled governmentfor example the government failed to muster sufficient political support on a land acquisition bill in parliamentall but ending its chance of passage in the near termand is still negotiating with opposition parties the details of a goods and services tax bill which if not watered down in negotiations could streamline indias convoluted tax structure and provide an immediate boost to gdpostensibly india is one of the fastest growing countries in the world but this depressed investor sentiment suggests the approximately 75 per cent growth rate may be overstated said the report produced by the bureau of economic and business affairs of the state departmentthere are few quick fixes to the structural impediments poor regulatory environment tax and policy uncertainty infrastructure bottlenecks localization requirements restrictions in many services sectors and massive shortages of electricity that hinder indias economic growth potential it saidrecognizing that the gains from a massive positive termsoftrade shock due to lower oil prices that india has benefited from may not be repeated in the current global economic environment the finance ministry has slightly reduced the official growth outlook for next year it said the state department said the 2014 election marked a turning point in investor sentiment as a fractured minority government seemingly unable to advance essential economic reforms was displaced in favor of a government that had won on a platform of economic growthadditionally the monetary stewardship of raghuram rajan the respected governor of the reserve bank of india further boosted investor sentiment the report saidthe state department said despite the challenges the opportunities are immense for foreign companies operating in india although many highlight that success requires a longterm planning horizon and a statebystate strategy to adapt to the complexity and diversity of indias marketsindias infrastructure needs are estimated at 152 trillion over the next 57 years offering excellent opportunities for us companies to participate in indias development provided appropriate mechanisms for financing are developedfor example in june last year pm modi launched a program to build 100 smart cities indian conglomerates and high technology companies are generally equal in sophistication and capability to their international counterparts while certain industrial sectors such as information technology telecommunications and engineering are globally recognized for their innovation