Finance minister Pranab Mukherjee today said that, 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 the government is committed to economic reforms and has initiated the process of legislative and administrative changes on a number of issues that would benefit the economy.

Responding to questions, Mr. Mukherjee said that the commitment has been made for the preliminary legislative process for Pension Fund Regulatory Act, Insurance Act and Banking Amendment Act. These three acts, he hoped would get legislated in this calendar year, if not in the current parliamentary session, or the next session. At the same time, he also acknowledged that there were certain reforms which could face difficulties given the challenges of the coalition era.

Seeking to allay apprehensions on the proposed retrospective tax amendment, Finance Minister Pranab Mukherjee said India is ready to address concerns of the American businesses within the legal framework. He said, India's policies are transparent and whenever there is any misapprehension, we are ready to listen and readjust it when necessary. The Finance Minister assured that the tax regime in India is stable. He also said that the current amendment which is being debated is of clarificative nature and not substantive amendments to the contents of the law.