New Delhi: Sensing the domino-effect of Eurozone criss and sluggish US economy, the Central government is likely to take crucial decisions to expedite the pace of economic reforms once assembly elections in five states are wrapped up in March next year.

Prime Minister Manmohan Singh along with his Cabinet colleagues including Finance Minister Pranab Mukherjee, Home Minister P Chidambaram and HRD Minister Kapil Sibal has met the leading industrialists on Thursday to discuss critical issues the economy is facing.

Terming it a positive meeting, the government has assured them to provide all necessary helps to accelerate the growth of economy. The government is likely to start the process for economic reforms from March –April next year, sources said.

It is worth mentioning that the Centre’s push for economic reforms including the introduction of foreign direct investment (FDI) in retail sector, reducing petroleum subsidy and Pension Bill had to face strong opposition from different political hues this year. In such a scenario, the Congress seems not to take any chance to invite defeat during the upcoming Assembly elections in the five states including Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.