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Guard against crony capitalism: PM

delhi Updated: Sep 06, 2010 16:04 IST
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Voicing concern over "crony capitalism", Prime Minister Manmohan Singh on Monday said that this was a danger "we must guard against".

At an interaction with editors a questioner spoke about "the rise of crony capitalism" and asked whether the discretionary powers of ministers would be curtailed and the regulators strengthened.

The Prime Minister responded by pointing out that one of the sectors about which such allegations were heard happened to be the telecom sector which had a regulator. The regulators should be seen to be effective, he said.

"Crony capitalism is a danger that we must guard against," he said.