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Business News/ Politics / Policy/  Govt’s biggest challenge is to re-establish credibility: Arun Jaitley
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Govt’s biggest challenge is to re-establish credibility: Arun Jaitley

Arun Jaitley, at the India Investment Summit, said the govt needs to eliminate discretion in decision making and make the entire process transparent

Photo: Pradeep Gaur/MintPremium
Photo: Pradeep Gaur/Mint

New Delhi: Finance minister Arun Jaitley on Thursday said the biggest challenge before the government is to re-establish credibility by maintaining stability in policy and consistency in action.

“Our pace of reforms is consistent and one directional. We need to eliminate discretion in decision making and make the entire process transparent. We are actively working towards that direction," he said, while speaking at the India Investment Summit, which is aimed at attracting foreign investors into the Indian infrastructure sector.

Jaitley said the government is working towards making the direct tax system competitive. “The indirect tax reforms are passed by one house and we hope others will see reason too and the law will be a reality soon," he added.

Jaitley said though India has shown resilience in challenging times, the government is not satisfied with the current level of economic growth performance and India’s potential growth rate is much higher than at present.

The finance minister said after the government amended the arbitration law, India now has the fastest arbitration mechanism in the world.

On the bankruptcy bill, Jaitley said he expects the standing committee of Parliament to submit its report in the first week of March and that the bill will be taken up in the upcoming budget session. He said the government will use the savings made on account of a low oil price regime to speed up construction of national highways.

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Published: 04 Feb 2016, 12:40 PM IST
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