While there was an increase in new projects, the proportion of stalled projects fell by a massive 81.8 per cent to Rs 0.58 lakh crore.
Government data also showed retail inflation shot up to a 40-month high of 5.54% in November, inching closer towards the psychological mark of 6%.
Suresh Angadi also added that every three years there is a fall in demand in the economy, It is a cycle, Then the economy picks up.
Company defaults on bonds are at a record, output of coal, cement and other heavy industries are contracting, manufacturing is shrinking and trade has plunged.
The growth rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- was 7 per cent in June last year, official data shows