"If today any state gets the right to disburse excessive and selective advertising, a trend which is being witnessed for the first time, under which friends are rewarded and opponents punished.
"So the power of selective and excessive advertising is used.... I raised a question - will such advertising become political bribery or political incentive?" he asked.
Jaitley, who holds the Finance and I&B portfolios, did not name any party but his remarks come at a time when the BJP has been attacking the Arvind Kejriwal-led AAP government in Delhi over its advertisement budget.
Jaitley said that he felt that if this experiment of "selective and excessive advertising" succeeds, then "all states will do it".
"And those people, who are critics of the ideology which I support, their stunning silence is most eloquent," Jaitley said, adding that a debate is needed on the issue.
Referring to the Constituent Assembly, he said the two media personalities in it - Ramnath Goenka and D B Gupta -had emphasised on aspects related to the need to preserve commercial independence of media.
Jaitley said the definition of the term news has been
changing.
He said there was a time when reading one newspaper gave you the entire picture. He said with the coming of 24X7 TV news, the definition of news changed to what camera can capture.
He said the "camera had a preference for capturing certain kind of things. If there is good weather, good rain or a good harvest, it would not make news. But if there is drought and earth is torn, that camera can capture and it becomes news."
He hailed the digital media as an empowerment tool but added that it is important that it is used responsibly or else this gift can be counter-productive.
At the event, Jaitley also conferred honours on several journalists.
The 'Narada Samman' for Lifetime achievement was given to veteran journalist Shyam Khosla.
Several other journalists were also conferred awards in various categories, including The Indian Express photojournalist Ravi Kanojia, who recently lost his life in an accident.
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