Mumbai, Aug 18 (IANS): Describing the latest monsoon session of parliament as "virtually wasted", union Finance Minister Arun Jaitley on Tuesday urged the need to install parliamentary conventions that would allow passing of laws for reform.

"India is becoming more aspirational than probably some of its politicians. It is this mood of the country which will have to be gauged by policymakers and those who seem to be obstructionist," Jaitley said at a Small Industries Development Bank of India (SIDBI) event here to launch a fund for startups.

"It is time we set up some good conventions as to how do you get legislative sanctions," he said.

Elaborating on the need to change the "mindset", the finance minister said India must accept that it has to open most sectors of its economy.

"In sector after sector, we have to offer ourselves as the recipient of foreign direct investment," Jaitley said.

"The second part of the change is the easing of processes, where the easing has to take place in the central government, in the states, the regulators, in the mindset of our courts," he added.

Pointing to the adequate rainfall in most parts of the country bringing expectations of a good harvest, Jaitley hoped the Reserve Bank of India, which held its key interest rate at 7.25 percent earlier this month, would take note of inflation lowering in the last four months.

"Lowering (crude) oil and commodity prices are a good opportunity for India," he said.