Montek for more regulation over allocation of natural resources

Patna: Planning Commission Deputy Chairman Montek Singh Ahluwalia today advocated tight regulation and transparency in allocation of natural resources, as corruption in allotment of mines and 2G spectrum has been making headlines for some time now.

"There is a need for regulation and transparency in allocation of natural resources like minerals and spectrum," he said at the plenary session of the 'Global Summit on Changing Bihar' here.

His comments come in the backdrop of the Supreme Court in early February ordering cancellation 122 2G spectrum licences granted in 2008 by the then telecom minster A Raja terming them as arbitrary.

The Planning Commission Deputy Chairman also advocated a liberalised system for steady inflow and outflow of money based on the concept of competitive capitalism.

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Observing that the caution in the Indian financial system was validated by the turmoil in global economies, Ahluwalia said the market should be allowed to function on the basis of robust competition.

On demands from political quarters to review the process of economic liberalisation, he said the Indian economy was never over liberalised at any point of time, but there was always scope for transparency in the market system as well as a sense of ownership in it by all sections of the society.

The economic system should have a social legitimacy, Ahluwalia said, adding that it (social legitimacy) has happened in the western countries.

PTI