Asserting that the country needed to doggedly pursue the reforms agenda despite challenges, he maintained that reform is the art of possible but it cannot be just "one sensational idea".

There could be hundred things which could be done but the focus would be on what can be done immediately as part of the reform process, he said kicking off the two-day India Economic Summit here organised by Geneva-based World Economic Forum.

He also noted that India was off the global radar for 2-3 years and the retrospective taxation was "one bad idea" that damaged the economy.

Referring to the need for labour reforms, Jaitley said, "Some aspects of the labour laws in India can certainly be improved and rationalised.

"This is an area where we will have to have a much larger consideration... Some people will certainly have reservation on this issue. Will I be able to immediately get it passed in Parliament? I am not in a position to comment," he said, adding that the government needs to convince people that a flexible policy will create more jobs.

The government has already introduced some labour reforms in Parliament which will be discussed in the upcoming session.

On land acquisition laws, Jaitley said the government is looking at changing some "illogical provisions".

"There are some illogical provisions (in Land Acquisition Act) like land cannot be used or acquired under this law for private hospitals and schools... There are some factors in it, which certainly require a re-look," he said answering questions from the WEF Chairman Klaus Schwab.

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