If you lock up businessmen,will investment come: Law Minister

Khurshid says judiciary must understand political economy and it can’t be immune to society.

Written by D K Singh | New Delhi | Published:October 10, 2011 1:43 am

At a time when the judiciary is seized with cases concerning corruption,black money and the 2G spectrum scam,Law Minister Salman Khurshid has said that the judiciary needs to understand the “political economy” in the country.

Speaking to The Indian Express,he said: “What will affect the functioning of the government is if other institutions do not understand the kind of political economy we are faced with today: what is needed to encourage growth and investment? If you lock up top businessmen,will investment come? What optimal structure should be put in place for investment to come?”

Asked if he meant the judiciary when referring to “other institutions”,he replied: “Yes,judiciary is as important a player in the entire effort. Each of the three wings — judiciary,legislature and executive — has to understand the political economy and respond to it. The judiciary can’t be immune to the demands of society in changing times. The judiciary has been making positive interventions in the field of environment,fight against corruption,protection of human rights and social welfare,but it also has to understand the political economy.”

On why the UPA government has been increasingly facing flak from the judiciary,Khurshid said,“It’s not the entire judiciary. There are some judges who have felt that things need to be set right. Sometimes,we may not agree. For instance,we did not agree on the black money verdict and hence sought its recall. Two judges disagreed among themselves. These are difficult issues of political economy. We don’t blame the judges for getting it wrong. On certain things,the executive and the legislature also get it wrong.”

Asked about the controversial Finance Ministry’s note regarding Home Minister P Chidambaram’s stand on the 2G spectrum allocation issue when he was the Finance Minister,Khurshid said,“Even the worst interpretation of that document does not drag in the then FM.”

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