Kamal Nath hopes for a "substantive" Winter Session

Parliamentary Affairs Minister Kamal Nath today said he hoped that the Winter Session of Parliament will be a substantive one as important legislations needed to be passed.

"We want to make the Winter Session of Parliament a substantive session and there are a lot of legislations and bills pending. This Lok Sabha must end after having done substantive business....catching up with the lost time over many sessions. So I do hope all political parties will recognise the need and make sure that this Lok Sabha will go down as constructive," he said.

Nath was responding to questions by reporters on the future of reforms in the financial sector at the sidelines of an event here organised by the All India Management Association.

Earlier while addressing the gathering at the event, Nath said both the government and the industry should learn from global economic situations and respond courageously.

"Government's courage alone cannot overcome uncertainty unless all the stakeholders in the economy including industry and entrepreneurs show courage as well," Nath said.

"However, one good thing about our country is that its economic fundamentals are still strong and we may see growth again," he said.

He added that the government is moving ahead with various reforms in capital markets, FDI and tax regime to bring in more clarity.

Managing growth and not just getting higher growth was the challenge for the country, as managing growth was a must for ensuring inclusiveness of growth, Nath said adding that balancing social expectations remained a challenge.

He further said that since India's engagement with globalisation has grown over the years, it was getting increasingly impacted in terms of capital flows, trade and business.