The Finance Minister Arun Jaitely made it clear that the retrospective tax will not be imposed and that the taxation policy has to be “non-adversarial”.

“Our Taxation process has to be simpler to increase tax buoyancy. Our taxation policy has to be non-adversarial. The government does not intend to tax people retrospectively,” Jaitley said.

He said that the government has proposed to reduce the corporate tax from 30 to 25 per cent in this year’s Budget as the structure of it has to be globally competitive.

“Decision-making has to be much quicker. The process of political consensus has to be statesman-like and mature,” he said

“Highways programme has slowed down and investment has not come in railways. We have to invest Rs 70,000 crore in infrastructure sector and that is why we have to little delay the fiscal road map,” Jaitley said.