Jaitley: Allegations of crony capitalism were true
November 05, 2014  11:56
Finance minister Arun Jaitley's address to investors at the World Economic Forum continues in Delhi. Big takeaways include...

-- Allegations of crony capitalism were true (under last government).

-- Element of fairness in the system was lacking. Reforms in developed society are different because people there have already tasted fruits of development. In a country where a very large number of people are so poor, for governments to push reforms is far more challenging. Our reform process cannot be one that simply confronts public opinion - doubts have to be cleared. Debate has to continuously go on.

-- Retrospective tax (Vodafone case) was a bad idea which damaged the economy.

-- Railways was almost close to private sec investment let alone foreign,if initial experiments succeed will enable us to open up more:

-- We welcome large investment participation, even international participation in area of infrastructure.

-- No quarrel with provision raising compensation to farmers in Land Acquisition Act but land acquisition procedure made complicated.

-- India not opposed to trade facilitation under WTO; a permanent solution should be found in stock holding in agriculture.
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