Washington:
Rejecting criticism that UPA is not serious on reforms, Finance Minister Pranab Mukherjee on Friday said the time has come for the government to take some hard decisions and expressed confidence that three key legislations on pension, banking and insurance will be passed this year.
Speaking at a Washington-based think-tank, he said that the government is committed to economic reforms and has initiated the process of legislative and administrative changes on a number of issues that would benefit the economy.
"We are now at a juncture when it is inevitable to take some hard decisions. And this has been our approach, as I outlined in the proposals for the Union Budget 2012-13 recently," he said.
Mr Mukherjee was responding to questions at the Peter G Peterson Institute for International Economics, which had organised an event in association with the Confederation of Indian Industry (CII).
"In fact on the legislative front, we have already committed the preliminary legislative process for Pension Fund Regulatory Act, Insurance Act and Banking Amendment Act. These three acts, I do hope would get legislated in this calendar year. If not in this parliamentary session, then the next session," Mukherjee said.
At the same time, he acknowledged that there were certain reforms which could face difficulties given the challenges of the coalition era.
"Of course we have to persuade various stake holders including State governments, if we could do so perhaps GST and the constitution amendment necessary to implement GST would be possible to get it through this or the next session of the parliament and thereafter to be ratified by minimum 15 state assemblies before the end of the year," he said.
Speaking at a Washington-based think-tank, he said that the government is committed to economic reforms and has initiated the process of legislative and administrative changes on a number of issues that would benefit the economy.
"We are now at a juncture when it is inevitable to take some hard decisions. And this has been our approach, as I outlined in the proposals for the Union Budget 2012-13 recently," he said.
Mr Mukherjee was responding to questions at the Peter G Peterson Institute for International Economics, which had organised an event in association with the Confederation of Indian Industry (CII).
"In fact on the legislative front, we have already committed the preliminary legislative process for Pension Fund Regulatory Act, Insurance Act and Banking Amendment Act. These three acts, I do hope would get legislated in this calendar year. If not in this parliamentary session, then the next session," Mukherjee said.
At the same time, he acknowledged that there were certain reforms which could face difficulties given the challenges of the coalition era.
"Of course we have to persuade various stake holders including State governments, if we could do so perhaps GST and the constitution amendment necessary to implement GST would be possible to get it through this or the next session of the parliament and thereafter to be ratified by minimum 15 state assemblies before the end of the year," he said.
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