Certain events in the past few months may have created an impression of drift in governance and a gap in public accountability.

Even as the Government is engaged in addressing specific concerns emanating from some of these events in the larger public interest and in upholding the rule of law, such an impression is misplaced.

We have to seize in these developments, the opportunity to improve our regulatory standards and administrative practices. Corruption is a problem that we have to fight collectively.

In a complex and rapidly evolving economy, the Government cannot profess to be the sole repository of all knowledge. Indeed, in a democratic polity, it stands to benefit from inputs from colleagues on both sides of the House.

They must lend their voice and expertise to influence public policy in the wider national interest.

In some areas, good results depend on coordinated efforts of the Centre and the State governments and in some others, on favourable external developments.

I see the Budget for 2011-12 as a transition towards a more transparent and result oriented economic management system in India. We are taking major steps in simplifying and placing the administrative procedures concerning taxation, trade and tariffs and social transfers on electronic interface, free of discretion and bureaucratic delays.

This will set the tone for a newer, vibrant and more efficient economy.

At times the biggest reforms are not the ones that make headline, but the ones concerned with the details of governance, which affect the everyday life of aam aadmi . In preparing this year's Budget, I have been deeply conscious of this fact.

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