Finance Minister Arun Jaitley today said that reforms is not about one sensational idea and it will take a lot of time to rectify the economy. Speaking at World Economic Forum's India Summit in New Delhi today Mr Jaitley said that he is satisfied with the beginning the NDA government has made.

Expressing satisfaction with the government's direction on the economy, the Minister said, India had fallen off global radar and now people have started looking at India.

He also said India is now being viewed as a global investment destination and people are getting convinced that India is a place to invest in.
Mr Jaitley also welcomed the large investment made by international investors in infrastructure in the country. He also said that if initial experiment in foreign investment in railways succeeds, it will probably lead to further opening.

Assuring global investors that it will continue to tread the reform path, Mr. Jaitley said the government is looking at realigning the Land Acquisition Act. On the issue of Trade Facilitation at WTO he said India is not oppose to it but needs a permanent solution to stock holding of food grains for public distribution system in the country.

Mr. Jaitley further said that there is no quarrel with provision raising compensation to farmers in the Act but land acquisition procedure made the process complicated. Finance Minister also expressed hope that said the government will pass the amended Insurance Bill in the coming winter session of Parliament.

On disinvestment policy, Mr.Jaitley said that government is open for privatization of certain loss making public sector companies. Mr Jaitley also said that the government would soon unveil reforms for other natural resources sectors along the lines of coal block auctions.