We’ve ended crony capitalism in a year: FM

Underlining achievements of the NDA government, which completes one year in office on May 26, Jaitley said, “The government wanted to centralise power in its own hands rather than promote non-discretionary and rule-based governance. ‘For Sale’ signs hung over all ministries.”

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Terming the UPA’s term at the Centre as a “chaotic regime”, he further said that it was no surprise that investors fled the country disrupting the business environment.

However, the situation has changed since then, the minister noted, pointing out that foreign direct investment inflows increased from $20.8 billion in 2013-14 (Apr 13–Feb 14) to $28.8 billion in 2014-15 (Apr 14–Feb 15) while ministry of environment has also set up institutional mechanisms whereby clearances based on objective criteria are being routinely granted.

“There is no role of ministers except in laying down policy,”he stressed, adding that the environment of “prosecute the investors” has been completely reversed and prices of resources such as coal and spectrum are determined by a market mechanism.

“There is a thrust towards reforms and liberalisation but no crony capitalism, no harassment. The ‘scam and scandal, corruption and retribution’ Raj is behind us,” Jaitley stressed.

Noting that government finances are now at a much better state with the fiscal deficit contained and an improvement in revenues, the finance minister said that the government’s focus is now on strengthening social security and social sector schemes.

“The enhanced resources of the state will be increasingly used towards infrastructure creation, irrigation and social sector schemes,” he said.

While 15 crore accounts under the Pradhan Mantri Jan Dhan Yojana have been opened, the government has also launched schemes for life insurance, pension and accident insurance, Jaitley said.