Finance minister Arun Jaitley on Tuesday said that the NDA government under Narendra Modi has been able to remove corruption from India’s political “dictionary” through thrust on reforms and rule-based governance that did not entertain crony capitalism.
“Scam and scandal, corruption and retribution Raj is behind us,” Jaitley said in a post on his Facebook page.
Jaitley said the difference between UPA’s “crony capitalism and institutional destruction” and the current governemnt was that the latter has focussed on liberalisation and anti-corruption, combined with an emphasis on strengthening institution building and social security for the poor and vulnerable.”
Right from an increase of over 40% foreign direct investment (FDI) to garnering more revenues from spectrum and coal auctions, Jaitley said a lot has improved a year after the new government assumed charge.
“FDI increased from $20.8 billion in 2013-14 (April 13–February 14) to $28.8 billion in 2014-15 (April 14–February 15)… The regime of an unlegislated tax on environmental clearances is over. The spectrum auction has fetched over Rs 1 lakh crore. A few coal blocks being auctioned have fetched over Rs 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.”
Jaitley said the thrust of the new government is towards reforms and liberalisation without crony capitalism and harassment.
The finance minister said efforts have helped to contain the fiscal deficit, and the government’s revenue collections have improved along with strengthening social security and social sector schemes.