It might appear bizarre at the first instance but senior advocate Harish Salve blamed the Supreme Court for India’s current economic downturn. To him the genesis lies in SC’s verdict on 2G Spectrum Case in which it knocked down all 122 spectrum licenses issued to telecom operators. He underlines that when a foreigner invested billions of dollars, it was the country’s rule which said he must have an Indian partner. The foreigner did not know how the Indian partner got the licence. Blanket cancellation of licences marred foreign investors’ confidence in the system. “That’s when the decline of the economy began,” says Salve.

 

Following CAG revelation in 2010 that 2G scam caused a loss of Rs 01.76 lakh crore to the govt exchequer. The SC had then cancelled 122 licences in February 2012, rejecting Salve’s argument who appeared for 11 telecom companies in the case.

 

Recently, Finance Minister had underlined that people preferring Ola and Uber, among other reasons including less appetite for vehicle loan and future of electric mobility, was responsible for slowdown in automobile sector. Later she infused 70,000 cr package to boost economy.