Reforms an ongoing process in India: Jaitley


Singapore: Pointing out that reforms were an ongoing process in the development of the nation, Finance Minister Arun Jaitley on Friday said the Indian government has several legislations in the pipeline that would be pursued in the next few years.

“The bankruptcy code is ready while changes to the arbitration laws and several other legislations are in the pipeline… for the next few years, we have our agenda full; reforms are an ongoing process,” Jaitley told investors at an event here.

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Jaitley was on a visit here to attend The Singapore Summit, an annual investment event organised by the Singapore government with participation from various Asian countries.

The finance minister said legislation that could be taken in money bill form would be pursued.

A money bill is important as it cannot be blocked by India’s upper house, the Rajya Sabha, where the NDA government lacks a majority, which has stymied attempts to carry forward legislation on land acquisition and the goods and services tax.

Assuring the investors present that the Narendra Modi government would continue to make India an attractive investment destination, he said the country was no longer suffering from policy paralysis and an uncertain taxation regime, while India’s states were vying with each other to attract investment.

At an event held in New Delhi on Thursday, Jaitley said that with the stated objective of ease of doing business, all tax disputes would be put to rest, adding that this was a “work in progress” along with steps to make it easier to do business in India.

“Since May 2014, a number of tax disputes have been put to rest since the Bharatiya Janata Party-led government took office,” he said at an economic summit organised by Ficci’s International Chamber of Commerce.

“We are trying over the next few days itself (to look at pending disputes) so that many others can be put to sleep – either by a judicial resolution or some executive resolution,” the minister added.