Gadkari said the ban on the entry of corporates and private players in MSME sector has been lifted to pave way for the formation of 700 clusters in order to reduce dependence on imports as well as for job creation.
In the April monetary policy, the growth of Gross Domestic Product (GDP) for 2019-20 was projected at 7.2 per cent - in the range of 6.8-7.1 per cent for the first half of the fiscal, and 7.3-7.4 per cent for the second part, with risks evenly balanced.
The five-member Cabinet Committee on Investment and Growth includes Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Road Transport and Highways and of MSME Minister Nitin Gadkari and Railway Minister Piyush Goyal.
The World Bank's Economic Prospects Report released on Tuesday also forecast India's economy to grow by 7.5 per cent during this and the next two fiscal years, retaining its top spot as the fastest growing major economy.
Congress chief spokesperson Randeep Surjewala said the country's unemployment rate is at its 45-year high and the GDP at its lowest level in five years, which are the two important challenges before the new government.
Demonetisation and the subsequent introduction of Goods and Service Taxes (GST) were aimed at lifting Indian economy. But the government's vision has been counterproductive given the way international bodies are calculating India's economic growth