Gandhinagar, April 10 (IANS): India is in the process of reforming its taxation regime to make it internationally compatible and non-adversarial, Finance Minister Arun Jaitley said on Friday.

"We are trying to present a taxation regime, which is internationally compatible, which is non-adversarial. If the investors find Dubai and Singapore is in the region and more compatible than us, then they are going to beat us in the competition," Jaitley said while unveiling the regulations for the International Financial Services Centre (IFSC) here.

"We have succeeded in ending the mood of despondency. We have opened the doors and inspiring people within and outside to invest in India. There is a distance that we have to cover," he added.

With the IFSC coming up at the Gujarat capital, the state is trying to become the hub for financial services "which was earlier attributed to Mumbai", the finance minister said.

The IFSC is designed to attract financial services business sector that is currently going to exchanges outside.