Arun Jaitley hints at major banking reforms in days ahead, calls for increase in public expenditure | As it happened

Finance Minister Arun Jaitley on Tuesday addressed a press conference on status of Indian economy in National Media Centre, New Delhi.

Addressing the media, Jaitley said that there has been discussions and reviews of the economy in the past few weeks within the ministry. 

Here are the highlights of the press conference: 

# No authentic data on reports of job loss after demonetisation: Jaitley

# Arun Jaitley hints at banking reforms in the days ahead, says, 'Between 2008 & 2013, public sector banks engaged in indiscriminate lending'.

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# 72 lakh have migrated from the old form, 28 lakh have registered as new registrants: FM Jaitley on GST

# Those addicted to 2G and coal scam will obviously object to legitimate tax: Jaitley on Rahul Gandhi's 'Gabbar Singh Tax' (GST) jibe

# It was decided that a bold step needs to be taken by the govt to recapitalise banks, says Jaitley

# Need to step up public expenditure. Measures today will boost infra spending in a big way: Arun Jaitley

# There is a need to increase public investment, says FM Jaitley

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# Highway construction program and expenditure for the same received a boost in the last few years: Ashok Lavasa, Finance Secretary

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# Effective and targeted Government spending is the main priority of Government: Ashok Lavasa, Finance Secretary

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# IMF forecast that Indian economy will achieve over 8 per cent growth is independent observation- DEA Secy S C Garg

# Real GDP growth average is 7.5% in last 3 years- DEA Secretary

# Fiscal consolidation story is credible: DEA Secretary

# GST has been the biggest reform, along with others like demonetisation and fight against black money: Subhash Garg, Secretary DEA

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# India has remained world's fastest growing large economy for the past three years: FM Arun Jaitley

​# In government's view, the fundamentals of the national economy continue to be strong: Jaitley

# We're ready to face any challenges that come, we will appropriately respond to situations.

# Focus is to remain high growth economy.

# Government wants high growth economy.

# There have been lot of discussions and reviews of the economy in the past few weeks within the ministry.

# When results of the #GDP of the first quarter came out then I had said that we will be ready for the response.

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