The fall of UPA's crony capitalism - A year of reform
Look back at the situation that existed a year ago before the NDA Government headed by Prime Minister Narendra Modi assumed office. The Government wanted to centralize power in its own hands rather than promote non-discretionary and rule-based governance.
'For Sale' signs hung over all Ministries. Spectrum was allocated at throw away prices to the favoured few. Investors lost their investment. Ministers, civil servants, investors were jailed and prosecuted. Coal blocks were allocated at virtually no price. Environmental clearances were up for sale.
The discretionary and arbitrary allotment motivated by collateral considerations led to prosecutions of many and a virtual paralysis of the coal mines sector. It had an adverse impact on user industries such as the power sector.
Even the former Prime Minister Dr. Manmohan Singh was not spared on account of the self-destruct policies of the UPA. The courts had to intervene and cancel the allocations. The mining sector provided for a statutory mechanism of allocation based on the obsolete principle of 'first come first served'.