3 years of Modi govt LIVE: Resolving NPAs, encouraging private sector investment major challenges before govt, says Arun Jaitley

Finance Minister Arun Jaitley highlighted Modi government's three years of economic policies during a press conference on Thursday. Jaitley said that demonetization had brought about a "new normal" in the Indian economy. Jaitley said that demonetization had led to greater move towards digitisation of the Indian economy.

He also reiterated that the tax payer base in the country had increased due to demonetisation and a message had been sent that it was not safe to have cash transactions. On the fall of the GDP figures, Jailtey said that the 7%-8% GDP growth in India was "fairly reasonable" considering global standards.

Here are the LIVE UPDATES:

• 1:05 PM: Civil Aviation Ministry will have to explore mechanism for privatisation of Air India: FM
  

• 1:00 PM: Cumulative factors responsible for decline in GDP in Q4 of 2016-17:  FM Arun Jaitley on impact of demonetisation on growth.
  

• 12:57 PM: FM Arun Jaitley says existing state laws continue regarding cattle slaughter. Not affected by central notification
  

• 12:56 PM: The Defence Acquisition Council has acted in an unprecedented manner, as opposed to the inaction during previous years, says Arun Jaitley
  

• 12:52 PM: 7%-8% GDP growth fairly reasonable level of growth and very good by global standards: FM Arun Jaitley
  

• 12:49 PM: In past few weeks, our Armed Forces are dominating the LoC, we have been able to build a lot of pressure: Arun Jaitley
  

• 12:47 PM: Resolving NPAs, encouraging private sector investment major challenges before govt, says FM
  

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• 12:46 PM: Decisive and tough policies helped restore Eco Credibility and remove corruption: Arun Jaitley
  

• 12:45 PM: There is a greater movement towards digitization. Tax payer base has been increased: Arun Jaitley
  

• 12:44 PM: Finance Minister Arun Jaitley attacks previous UPA regime, says "slowdown in policy making 3 years back"
  

• 12:40 PM: Our focus is to increase defence manufacturing in India, lot of pending issues like OROP were settled in 2015: Arun Jaitley
  

• 12:35 PM:  The tax revenue has gone up by 18% in 2016-17; we are now also the largest recipient of FDI: Arun Jaitley on 3 years of NDA Govt.

• 12:30 PM: Leveraged market mechanisms to bring benefits to the deserving: Arun Jaitley

• 12:30 PM: Have taken key initiatives to boost domestic defence manufacturing: Arun Jaitley

• 12:30 PM: Demonetisation has brought in a new normal: Arun Jaitley