New Delhi, September 18: Senior lawyer Harish Salve, who represented former Indian Navy commander Kulbhushan Jadhav at the International Court of Justice (ICJ), has blamed two historic verdicts of the Supreme Court of India for the current economic slowdown. According to Salve, the apex court judgements in the 2G spectrum case and the coal allocation scam had dented foreign investors' confidence. Economic Slowdown: Growth of 8 Core Sectors Recedes to 2.1% in July Vis-a-Vis 7.3% Last Year.
The top court, in 2012, struck down 122 licenses issued in the 2G spectrum case after finding irregularities in the allocation process. The move, despite being hailed as a massive crackdown on graft, is being held responsible by critics for the staggering condition of the telecom sector.
In 2014, the apex court had cancelled 214 out of the 218 coal block allocations, citing irregularities in their allotments from 1993 to 2011. The foreign investors, who had partnered with the Indian firms as per the government norm, were punished for the crime of latter, Salve said.
"The foreigner did not know how the Indian partner got a license. Foreigners invested billions of dollars, and with one stroke of the pen, the Supreme Court knocked all of them out. That’s when the decline of the economy began," ET quoted Salve as saying.
Salve further added that the impact of SC verdict could be felt to this date, as several of the coal mines across the nation are non-operational. At a time when millions are unemployed, the country is unable to utilise its own coal mines and is resorting to imports from nations like Indonesia, the veteran lawyer pointed out.