Finance Minister Arun Jaitely today said, a whole set of second generation reforms will be unveiled in the next Union Budget and promised a lot of exciting time ahead. In an interaction with PTI journlists, he said, the country needs a larger opening out in more sectors, it requires stability of policy and tax regime besides a reasonable cost of capital. Looking ahead, the Minister envisages the GDP growth to cross 6 per cent in 2015-16 once the effect of all the steps proposed kicks in. Enumerating the steps taken by the NDA government, he said that a series of measures taken in the last six months had corrected the depressing sentiment.

Answering a question about the state of the economy that he had inherited, Jaitley said the economy had dipped quite low and there was a sense of disillusion. But he said, in the past six months domestic as well as global investors were taking a huge interest although their faith in the Indian economy had been shaken badly. He acknowledged that several more steps are required to create even more positive environment not only by the Central government but also by the state governments and several other institutions, which include the Opposition parties in Parliament.

On banking sector reforms, Jaitley said, under Basel-III norms, government stake in all PSU banks will have to be brought down to 52 per cent and the rest is to be used for financial inclusion.