Jaitley said Indian economy was "coming of age" and there would be opportunities for associations, joint venture and investments.
Speaking at the 13th ICSI national awards for excellence here, he said, "It is a challenge for us that we take control of these opportunities and therefore by our own credibility and by adopting international best practices we run our corporate sector in a manner of which we can be proud of."
He emphasised that governance was one area where "we have to learn from international practices".
Jaitley said without specifying that if there were black sheep and if they were identified, let the law be tough on them.
"In corporate sector competition is intense...It is necessary to have transparency and accuracy for maintenance of records. Companies deal with investors' money. Investors have a right to know each affair of the company," Jaitley said.
"We have strong regulatory mechanism. We have also come up with a new companies act. It is only when it is unfolding, that you are realising where the shoe pinches. I have been receiving requests to have a look into the provisions," he said.
"We need to associate the best minds and the best talents and obviously we cant have a legislation which dissuades them from that association," he said emphasising on the need for best corporate governance.