New Delhi, Aug 24 (IANS) Asking the government to introspect, Bharatiya Janata Party (BJP) leader Arun Jaitley Wednesday said people had lost faith in its ability to tackle corruption and stressed on the need to restore credibility.

Jaitley, the leader of opposition in the Rajya Sabha, also appealed to Anna Hazare to end his fast as his health was deteriorating and said the life of the 74-year-old leader is precious for the country.

Hazare's fast entered the ninth day Wednesday.

"The issue of corruption is important and in the last few days it has acquired centrestage because of the movement launched by Anna Hazare. All of us are anxiously waiting for a settlement to be reached... (so) the government comes out with adequate steps in bill to tackle corruption," Jaitley told the house during a debate on corruption.

Calling it a "historic chance", Jaitley said parliament was the ultimate law making body which takes into account public opinion - and it couldn't be louder than this.

"Government should take effective steps to tackle the problem of corruption. We must have honest analysis where have we gone wrong. There is a serious crisis and erosion as far as the credibility of the government is concerned."

"People have lost faith that normal mechanism formed by government can tackle corruption. So there is a need for honest and serious introspection to accept truthfully situation on ground," he said.

He called for an urgent need to restore credibility of government by forming a stringent law that acts as a deterrent to those involved in corruption.