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.
{{/usCountry}}Jaitley said the thrust of the new government is towards reforms and liberalisation without crony capitalism and harassment.
{{/usCountry}}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.