He said difficult decisions initially pass through difficult phases as historic decisions have temporary pain attached to them.

Speaking about demonetization, Jaitley said that India needs bold decisions as it is time now to clean up the table and demonetization is going to have an impact over the course of our present and future lives.

Jaitley was addressing a seminar on ‘GST: The game changer for Indian economy’ on the second day of Vibrant Gujarat Global Investors Summit at Mahatma Mandir in Gandhinagar on Wednesday.

Stressing the implementation of GST, the FM said that most of the issues have been resolved; few critical issues are left which will be resolved in the next few weeks.

He further added that GST Council is deliberative democracy in action and the impact of both GST and demonetization will be felt this year.

The FM said, when GST merges all the taxes and makes India into one entity, it's an advantage to the assesse.

Once the GST is implemented, the combination of a more digitized economy with a more efficient tax system will make India better, he said.

The Minister said that people want transparency.

So, government is emphasizing on bringing transparency and elimination of discretion and Indian economy has opened up significantly in the last two years, he said.

About the Summit, Jaitley said it has been branded as Vibrant Gujarat but it has become foremost economic conclave. It showcases both Indian economy and progress of Gujarat.