Finance Minister Pranab Mukherjee has dismissed allegations that the government is not serious about reforms. He also sought to allay apprehensions on the proposed retrospective tax amendment saying India is ready to address the concerns of the American businesses within the legal framework.

Mukherjee was speaking at a Washington-based think-tank today. Admitting that it is now time for the government to take some hard decisions, he expressed confidence that three key legislation on Pension, Banking and Insurance will be passed this year. He reiterated government's committment to economic reforms but acknowledged that certain reforms could face difficulties given the challenges of the coalition era.

Assuring a stable tax regime in India, Mukherjee said, India's policies are transparent and whenever there is any misapprehension, it is ready to listen and readjust it.

Speaking at the G-20 Finance Ministers and Central Bank Governors meet in the US capital, Mukherjee called for a push in policies to create jobs and increased efforts to support investment in real sector. He cautioned that, persistent high unemployment will have lasting detrimental impacts on the economy, holding back economic recovery further. Social tensions will adversely affect productivity and growth in the medium to long-term.

Talking to reporters at the IMF headquarters Mukherjee also called for new solutions to bolster World Bank resources. He said, India is concerned over the porjected decline in the World Bank's at this crucial juncture because of constrains in its financial capacity. He called for actions to check excess volatility in commodity prices, both for food and energy, which is undermining growth.