Nifty Tips: New Delhi: Finance Minister Arun Jaitley spoken on Wednesday he still wants to implement a new goods and services tax (GST) by next April 1, although the opponent Congress party could delay its passage through the legislature.

Addressing a business meeting, Jaitley said it was imperative to stay on the path of reform and build momentum to achieve higher financial growth. The current global financial situation presented an opportunity for India, he said.

The GST, which statistician estimate could add 2 percentage points to India`s gross domestic product, has failed to clear parliament due to a blockade of the upper house by the Congress party.

Jaitley said the composition of the upper house - which symbolize India`s states - would change next April, suggesting that the balance of power would tilt in favour of the government.

Asked either bad loans and banking were the main worry for the economy, he said: "The banking system is a matter of interest - it is not the main worry, there are no grounds for panic."

Jaitley, who was speaking at an Economist conference,promoted steel, power, electricity distribution companies, and to a lesser extent textiles and highways as the main sectors under stress.