Addressing a breakfast meeting here on sidelines of WEF, Jaitley also said that it would have been impossible to call industry leaders in India for a meeting at 7.30 am and they might have said this would complicate business.
"Things have changed and now the number of industry leaders visiting North Block has come down as people don't need to visit us anymore," Jaitley said.
Arvind Subramanian took charge as CEA in October 2014.
Jaitley said the government is looking into each of the areas to improve the ease of doing business in the country.
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"You can't use that as a tool of arbitrariness for what to allow and what not to allow. One of leaders of the party of previous government wanted to visit a state in Eastern part of the country.
"So, one of the largest ever investment in that state was rejected on environmental considerations on the ground that there was one particular hill which was being worshipped.