Maximisation of profit cannot be the philosophy of a welfare state and natural resources should be used judiciously, said Anand Sharma, Commerce and Industry Minister.

In probably his last address as a Union Minister before the general elections kick-off in April, Sharma rejected the “perception of crony capitalism’’, but advised the industry to be careful.

“The industry has to take care of the perception,” Sharma said at a CII national conference on Wednesday.

The Minister said that natural resources were limited and had to be used judiciously.

The United Progressive Alliance has faced criticism from various quarters including other political parties for its lax policies on granting licences in the mining sector and inefficient management and pricing of natural gas resources.

The Supreme Court had in 2013 quashed a number of mining licences in the country and placed a temporary ban on mining in Karnataka and Goa to curb illegal mining.

While acknowledging that India, like any other country, had its share of frauds like the Satyam case, the one by chit funds or even the latest Sahara case, the Minister said that there was a robust system in place that demands accountability.

“Yes, there are aberrations but corrections do take place,” Sharma said. Praising the UPA Government’s performance in key areas, Sharma pointed out that foreign direct investment (FDI) flow into the country had gone up 15 times over the last decade while expenditure on education and health has increased eight times and six times respectively.

Stressing on the need for carrying on changes and reforms, Sharma said any Government that comes to power will have to be led by liberalisation coupled with a sustainable regulatory system.

The Minister emphasised the role of a free and vocal media, but cautioned that there was a need to have regulatory mechanisms in the sector as was the case worldwide.

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