If investors wish to invest, they had to go through environment clearance, state government clearance and other clearances but if they do not get permission from local bodies like municipality or panchayat the entire procedure becomes worthless, he said.
"Reform is required at the lower level (civic bodies) along with Centre and state efforts to improve ease of doing business," Jaitley stressed.
The minister also said India missed to take advantage of earlier global economic revolutions but now is emerging as the fastest growing economy despite recessionary trends in the world economy.
"Unfortunately, our country missed the earlier economic revolutions took place in the world. European countries, America and others attracted huge benefits of the industrial revolution. Similarly, small countries like Japan, Korea and Taiwan took advantage of technological innovation revolution.
"China took full advantage of the third revolution of low-cost manufacturing but India missed to take benefits of these global economic changes," he said.
"History never gives chance again and again but it appears that 'Hindustan' (India) has got another chance. Over the past two years, despite the slow pace of global economic growth, Indiahas emerged as one of the fastest growing economies..It's time to think that where we are facing crises and how we can sort it out so as to emerge as an economic power," said the senior BJP leader.
Jaitley also said reforms in taxation are inevitable for development and introduction of Good and Services Tax (GST) is a major step towards this direction.
He said this would help country's economy with the global market.
Highlighting the challenges ahead, the Minister said our infrastructure like roads, airports needs to be upgraded to world class standards.
He also asserted that businessmen have to develop a habit of paying tax, instead of saving tax, so that it could help contribute towards development.
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