The next session of India's parliament is likely to see "monumental" tax reform while fuel subsidies may be cut, Indian Finance Minister Arun Jaitley said on Thursday.
Prime Minister Narendra Modi, who swept to power in elections last May, is under pressure to deliver economic reforms that would transform the outlook for Asia's third largest economy. That puts the spotlight on the budget, due to be unveiled next month.
"This government had a mandate to act fast and we are moving at a rapid pace in that direction," Jaitley told CNBC's Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland.
He added that big changes, such as the implementation of a harmonized goods and service tax (GST), were in the offing.