Indian Finance Minister Arun Jaitley Wednesday said his government is creating fair and transparent business environment, while stressing Indian economy needs time to carry out reforms rather than doing it overnight.
Talking to a world economics summit forum here, Jaitley said the Bharatiya Janata Party government under Prime Minister Narendra Modi was working on like labor reforms, privatization of state-owned companies and land acquisition laws to build a better condition for investors.
Reforms would also be undertaken for allocation of natural resources and other minerals, he said.
Saying that reforms "is a long journey", the minister said it would take time to work it out.
"So we began on a journey and I believe that the pit was reasonably deep. And therefore rectifying it will require a lot of time," he added.
The World Economics Summit was organized by Geneva-based World Economic Forum and industry chamber of India.
The forum was aimed at discussing ways to attract foreign investors to India.