Jaitley was replying to the debate in the Lok Sabha on Friday after it passed the amendments to the Insolvency and Bankruptcy Code (IBC) which seek to plug potential loopholes in the Code.

Jaitley's remarks came after TMC MP Saugata Roy said the country's growth rate plummeted to an all-time low of 5.7 per cent in the first quarter of 2017-18 and showed only a small rise in the second quarter.

Jaitley said the slower economic growth reflected lower growth in the industry and the services sectors, due to a number of factors including structural, external, fiscal and monetary factors.

Arun Jaitley, Arvind Kejriwal, Shashi Tharoor and Subramanian Swamy were the newsmakers of 2017 in the Delhi High Court.

The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 seeks to replace an ordinance which was promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the IBC.

Gandhi’s dig came hours after the Leader of the House Arun Jaitley made a short statement in Rajya Sabha to end the impasse over Modi’s remarks against his predecessor made during the Gujarat polls campaign.

Jaitley’s clarification came as the Congress has been demanding Modi’s apology on this issue since the beginning of the Winter Session of Parliament.

Jaitley further said that the issue of 'right to privacy' was "hopefully" settled by the Supreme Court judgement

"Many such rumors are being spread, which are wrong. Don't believe such things till any official announcement is made," Jaitley said while talking to media persons in Gandhinagar today.

The party’s “zero loss theory” was proved to be wrong when the apex court squashed spectrum allocation in 2012, the minister said after a special court acquitted all accused in the 2G spectrum scam allocation case.

The government was asked whether Indian economy was stagnant due to demonetisation, which was announced in November last year.

As misplaced as Rahul Gandhi's claims of ‘moral victory’ may be, the narrow win for the BJP in Gujarat should come as a wake-up call for the Modi government ahead of Assembly elections in 2018.

Under the e-way bill system, goods worth more than Rs 50,000 have to be pre-registered online before they can be moved from one state to another.

Jaitley further said the government is trying to improve infrastructure like roads, irrigation, electrification, housing and sanitation in rural areas.

Kejriwal had sought that the replication (reply) filed by Jaitley in response to his written submission in the second defamation lawsuit be trashed on several grounds.

This is the third clarification within a week by the government amid mounting criticism on the bail-in clause in the FRDI Bill.

Arun Jaitley said the government had met its fiscal targets by rationalising expenditure and plugging leakages, according to a Finance Ministry release.

Jaitley said the government's massive Rs 2.11 lakh crore capital infusion plan in banks was to strengthen banks and there was no question of any lender failing.

The government, Roy said, will come with yet another good budget, which is likely to be presented on February 1.

The Finance Ministry said the provisions contained in the FRDI Bill do not modify present protections to the depositors adversely at all.