Sharma rejects charges of crony capitalism in UPA rule

Demands electoral reforms that ensures more transparency

Commerce and industry minister Anand Sharma today came down heavily on the opposition, refuting their claims of proliferation of crony capitalism during the 10 years of UPA rule. He demanded electoral reforms that ensures more transparency.

"We have had corporate and bank frauds in all rich countries. It is a long list, we also have our list beginning Satyam, the chit funds...or the latest in this role is the Sahara issue. Question is do we have accountability, has the system ensured accountability? The answer is yes.Aberrations do takes place, corrections are also invoked. That is what India has done," Sharma said at his inaugural address at the Annual General Meeting of the Confederation of Indian Industry.

He said many people are talking about crony capitalism and they have sensationalised in a manner that all the economic activities are part of that. "I am rejecting that, this is not true. This perception must not be sustained. Yes there are issues which happened in other countries too," he added.

His remarks came in the backdrop of BJP putting allegations on Congress over a series of corruption and big-ticket scandals involving sectors like coal, oil & gas and telecom. Sharma said that it is very tempting and trendy now-a-days to term any initiative as scam.

"My understanding of the English word (scam) is different. There could be some mistakes...other countries have also faced similar situation. Has India put in place the regulatory framework. Is it adequate that is the question," the minister said.

He said that national and natural resources have to be shared in judicious and correct manner."...but maximisation of profit cannot be the philosophy for welfare states," Sharma added.