Addressing students and faculty at Columbia University's School of International and Public Affairs here, he, however, did not elaborate on what the government plans to do and when.
Jaitley also spoke on the additional 2 per cent surcharge on the super rich and the proposal to reduce the corporate tax from 30 to 25 per cent in phases along with elimination of exemptions.
"No government in India can be against the very idea of subsidies but there has to be some element of rationalisation. There are many people who are entitled to be subsidised and we will continue to subsidise them. But there have to be exclusions and we have started with areas which are comfortable.