Rectification of Indian economy will take time, says Jaitley

Asserting that reforms are not about one sensational idea, Finance Minister Arun Jaitley on Wednesday said it will take a lot of time to rectify the Indian economy.

"You can damage the economy by one bad idea and retrospective taxation was that bad idea. But merely undoing that won't cure all our problems. The pit was reasonably deep and it will take time to rectify it. The challenges are there and there are large numbers of steps required," said Jaitley while speaking at the World Economic Forum's India Summit here.

He called for a consistent review of the reforms agenda and, therefore, called for moving in one direction.

"No step should be taken that sends a contrary signal. India, which had fallen off the global radar in last two to three years, people have again started looking at us. There is a considerable amount of buzz about India," he added.

He also said that the people are now once again convinced that India is a place to invest in.

Lauding Prime Minister Narendra Modi-led NDA Government for its recent initiatives, Jaitley said that India is not opposed to trade facilitation under World Trade Organization.

The Finance Minister also announced that the Insurance Bill would be passed in the upcoming Winter Session of Parliament.