GOVERNMENT COMMITTED TO REFORMS


Rejecting criticism that UPA is not serious on reforms, Finance Minister Pranab Mukherjee today said it is now time 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 government is committed to economic reforms and has in fact 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

 So far the direct taxes are concerned I am quite confident that it would be implemented after the laws being passed by the next session of the Parliament from next financial year. On tax reforms, direct tax would be operationalized from the next financial year," Mukherjee said.

"In respect of indirect taxes the most important decision to be taken to implement the GST constitutional amendment that may be possible within this calendar year," he said in response to a question.

Earlier in his opening remarks, Mukherjee said the Indian economy is, in some ways, better placed than many other nations to withstand this fresh round of global economic turmoil.