NDA ended UPA’s ‘crony capitalism’, says Jaitley

Finance Minister Arun Jaitley said on Tuesday the National Democratic Alliance (NDA) government had ended corruption and “crony capitalism” of the United Progressive Alliance (UPA) government and that there was a thrust towards reforms and liberalisation. Marking a year of the government in office, Jaitley launched an allround attack on the previous government led by the Congress and said, all the ministries were “for sale”.

He said 2G spectrum was allocated at throwaway prices to the favoured few. Investors lost their investment. Ministers, civil servants and investors were jailed and prosecuted. “Herein lies the difference between UPA’s crony capitalism and institutional destruction and NDA’s liberalisation and anti- corruption, combined with an emphasis on both strengthening institution building and social security for the poor and vulnerable.”

“The ‘scam and scandal, corruption and retribution’ raj is behind us,” he said in a Facebook post titled “The Fall of UPA’s Crony Capitalism — A Year of Reform”.

“Coal blocks were allocated at virtually no price. Environmental clearances were up for sale. The Congress leaders were partners in a large number of companies which got coal blocks allocated,” he said.

Speaking on the present government’s achievements, Jaitley said, “The whole parade of industrialists lining up outside South Block and North Block is now over. The corridors are empty, the silence cheery.” The finance minister said foreign direct investment (FDI) increased from $20.8 billion in April 2013-February 2014 to $28.8 billion for the same period a year later.

Stating the “regime of an unlegislated tax on environmental clearances is over,” he said spectrum auction fetched over ~1 lakh crore while the auction of a few coal blocks got over ~2 lakh crore. “There is no role of ministers except in laying down policy. Prices are determined by a market mechanism and the successful bidder is determined by auction,” he said. “The word ‘corruption’ is being removed from India’s political dictionary.” With fiscal deficit contained and government’s revenues improving, the emphasis is now on strengthening social security and social sector schemes, he said adding that while over 150 million Jan Dhan accounts have been opened, the liquefied petroleum gas subsidy is now being transferred directly to over 126 million beneficiary households.