FM Arun Jaitley says government to refrain from excessive controls

HYDERABAD: Union finance minister Arun Jaitley has on Sunday said the governments should restrain from excessive controls and restrictions since it could be counterproductive to the objective of calling investments.

Addressing a gathering on the occasion of Justice Konda Madhava Reddy Memorial lecture on law and economy in Hyderabad, Jaitley cited the example of public sector telecom giant Bharat Sanchar Nigam Ltd (BSNL) which was run by the government for 50 years in which it could only reach 0.8% of the masses, whereas 80-90% of the population was covered in just 20 years of privatization.

The union minister also took a dig at India's first prime minister Jawaharlal Nehru saying regulated economy was his preferences. He, however, hailed Dr. Manmohan Singh's efforts through the new economic policy to open up the economy.