Sunday, February 28, 2021
Home Economy and Finance Verdict in 2G and coal allocation reasons: Senior advocate Harish Salve holds SC responsible...

Verdict in 2G and coal allocation reasons: Senior advocate Harish Salve holds SC responsible for current slowdown

Enunciating the disastrous effect of the court’s intervention had in the coal sector, Salve said that the blanket cancellation of coal allocations, without getting into the nitty-gritty of individual cases and assessing them on their merit has resulted in indefinite closing down of the coalfields.

Distinguished lawyer Harish Salve has held the Supreme Court of India the primary reason for the economic slowdown the country is currently experiencing. In an interview to a news website, Salve blamed the apex court for the slump in the economy stating that the slowdown was triggered by the court’s verdict in the 2G spectrum case in 2012.

Salve asserted that the top court’s order on 2G and coal allocation triggered foreign investors to exit from the Indian markets. The Supreme Court had in 2012 had invalidated the 122 spectrum licences granted to eight companies. Two years later, in 2014, the court also annulled all but four of the 218 coal block allocations from 1993 to 2011.

Salve contended that a blanket cancellation of allocation that happened in accordance with the rules set by the then government had a negative impact on the foreign investors who had to bear the brunt of the malfeasance of government authorities. “I can understand to hold people accountable for the wrong allocation but sweeping cancellation of licenses where foreigners are investing can have a catastrophic effect. When a foreigner invested, it was your rule mandating him/her to have an Indian partner,” Salve said.

Salve continued, “The foreigner investor had no inkling of how its Indian partner had secured the license. They had invested billions in the Indian market but the apex court, with one stroke of a pen, knocked all of them out. That’s when the slowdown in the economy started.”

Enunciating the disastrous effect of the court’s intervention had in the coal sector, Salve said that the blanket cancellation of coal allocations, without getting into the nitty-gritty of individual cases and assessing them on their merit has resulted in indefinite closing down of the coalfields. “Cancellation of coalfield meant that India had to import coal. The prices of Indonesian coal and other world coal reduced as the demand of import increased.  The investment in the coal industry considerably declined. Lakhs of people lost their jobs. The economy was put under severe stress,” he said. Salve believes that the cancellation of coal block allocation had costed the country 1 per cent plus of GDP.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Naushad, who was caught spitting while cooking tandoori rotis in viral wedding video, to be booked under NSA

Earlier this month, a video of Naushad who appears to be spitting on the tandoori rotis before putting them inside the tandoor for cooking, while at a wedding function, had gone viral.

Delhi Police arrests 2 men who were plotting to assassinate Kashmiri activist Sushil Pandit against payment

Sukhvinder Singh and Lakhan said they were paid Rs 10 lakh each by one Prince to kill Kashmiri activist Sushil Pandit

Hindu Mahasabha asks Rahul Gandhi to change Congress’ name to ‘Godsevadi Congress’ after Godse follower joined party: Read why

Hindu Mahasabha has advised Congress leader Rahul Gandhi to change the name of the Congress party to Godsevadi Congress.

As desperate Pakistan welcomes the Indo-Pak ceasefire with much fanfare, India takes it with a caution

The latest ceasefire agreement between India and Pakistan comes nearly 17 years after such an agreement was first signed

Encryption vs Compliance: The new IT Act guidelines put messaging services like WhatsApp in a tight situation

To comply with the new IT Act guidelines, services like WhatsApp will have to break its famous end-to-end encryption

Is Yogendra Yadav now an anti-election activist?

“We should have an outcome very soon, we do not have a mandate.” These were the words of Yogendra Yadav after Bihar elections

Recently Popular

Did Aamir Khan’s daughter Ira Khan elope with her Hindu servant? Here is the truth

The image that is being used to claim that Iran Khan has 'eloped with her Hindu servant' was originally shared by Nupur Shikare, her fitness trainer. The two were posing on the occasion of Diwali.

US President Joe Biden casually drops the N-word during Munich Security Conference, accused of racism on social media

The N-word is considered as one of the hateful words that were first uttered in the 17th century. Its origin can be traced back to the Spanish word 'negro', which is often used by white supremacists to deliberately offend the African-American community.

Father of Richa Bharti, the girl who had refused to distribute Quran to secure bail, shot dead in native Bihar village: Read details

The father of the daring Bihar girl Richa Bharti has been shot down by assailants in her native village of Nalanda district in Bihar.

“A contest between my ball and your ball”: Netizens in splits after comments of Harsha Bhogle go viral

Harsha Bhohgle said that a cricket contest should be between bat and ball, not between bat and bat or ball and ball

Spokesperson of Samajwadi Party resigns after workers abuse his wife for sharing anti-Akhilesh Facebook post: Details

Anil Yadav of Samajwadi Party has resigned from the party after his wife, Pankhuri Pathak, was abused by SP workers.

Father of 6, Mehtab Rana, abducts minor by shrouding her in Burqa, had abducted the girl twice in 2018, role of in-laws, family suspected

Kidnapping of a 17-year-old girl in Agra, where accused made her wear a 'burqa', has sent shockwaves and resulted in outrage
- Advertisement -

 

Connect with us

253,132FansLike
520,759FollowersFollow
23,800SubscribersSubscribe