Harish Salve says Judgements like 2G, coal block allocation and Goa iron ore mining, the Supreme Court has caused harm to the Indian economy.
New Delhi– Senior advocate Harish Salve has blamed the Supreme Court for India’s current economic slowdown, saying the decline began with the apex court judgment in the 2012 2G spectrum case. The SC in one stroke had cancelled 122 spectrum license issued to telecoms operators, redrawing India’s telecom industry.
“I can understand holding people responsible for the wrong distribution of licenses in 2G Blanket cancellation of licenses where foreigners are investing see when a foreigner is investing. See, when a foreigner invested it was your rule which said he must have an Indian partner. The foreigner did not know how the Indian Partner got a license” said Harish Salve.
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“Foreigners invested billions of dollars, and with one stroke of the pen, without examining the merits of every case. Much genuine foreign investment in the coal industry went flat. Indonesian coal and other world coal prices softened up” said Salve.
“It became cheaper to imports. A few million people are without jobs in India. Indian Coal mines are lying closed, and we are importing coal. That is putting pressure on the economy,” he added. He said that the cancellation of coal block allocation has cost the economy 1 per cent-plus of GDP.
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