<div><em><strong>The FM says the Centre is working on the process of ease of doing business, reports Haider Ali Khan</strong></em></div><div> </div><div>Replying to a host of questions at Faculty of Management Studies (FMS) function in New Delhi, Union Finance Minister Arun Jaitley made a case for lowering interest rates saying it was essential to raise the growth rate to 8-10 per cent.</div><div><br>"If we have to jump to 8 per cent plus or 8-10 per cent growth bracket, then all the stalled projects (have to be revived) and cost of capital have to go down," the finance minister said.</div><div> </div><div>Jaitley also highlighted that the logjam in Parliament has become a cause of worry. The political parties must display maturity and pass major legislation for welfare of people. In the past 18 months, the National Democratic Alliance (NDA) government has opened many such sectors such as insurance, defence, railways and so on for foreign direct investment. </div><div><br>"Stalemates will cost India heavily," he said, adding the government has been trying to rationalise the tax structure to make India an attractive place of investment.</div><div> </div><div>India needed to seize the opportunity following slowdown in China and become "world beaters," he said, adding the government has taken various initiatives including the recent one in the banking sector and was stepping up public spending to boost growth.</div><div> </div><div>Elaborating on the need to make the Land Act more realistic, Jaitley said that the "2013 land law is probably the worst drafted legislation in Indian legislative history.<br> </div><div>Jaitley said the government was working on the process of ease of doing business, bringing in bankruptcy law, rationalising taxation and introducing proper public procurement policy.</div><div> </div><div>These are couple of areas on which work is in advanced stage, Jaitley said. </div><div> </div><div>He also added that stalled projects have to be expedited and they will lead 'Make in India' programme.</div>
