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    Default Government committed to reforms, says Pranab

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    Rejecting criticism that UPA is not serious on reforms, Finance Minister Pranab Mukherjee on Saturday said it is now time for the government to take some hard decisions and expressed confidence that three key legislations on pension, banking and insurance will be passed this year.

    Speaking at a Washington-based think-tank, he said government is committed to economic reforms and has in fact has initiated the process of legislative and administrative changes on a number of issues that would benefit the economy.

    "We are now at a juncture when it is inevitable to take some hard decisions. And this has been our approach, as I outlined in the proposals for the Union Budget 2012-13 recently," he said.

    He was responding to questions at the Peter G Peterson Institute for International Economics, which had organised an event in association with the Confederation of Indian Industry (CII).

    "In fact on the legislative front, we have already committed the preliminary legislative process for Pension Fund Regulatory Act, Insurance Act and Banking Amendment Act. These three acts, I do hope would get legislated in this calendar year. If not in this parliamentary session, then the next session," Mukherjee said.

    At the same time, he acknowledged that there were certain reforms which could face difficulties given the challenges of the coalition era.
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