Democracy liberal enough in UK for defaulters to stay: Jaitley

Democracy liberal enough in UK for defaulters to stay: Jaitley

London: Finance Minister Arun Jaitley has said democracy is liberal enough in the UK to permit defaulters to stay here and that “normal” needs to be cracked, in an apparent reference to liquor baron Vijay Mallya, who is wanted in India for loan default and other cases.

Referring to loan default as a major problem that needs to be addressed, Union Minister for Finance and Corporate Affairs said India was no longer willing to let defaulters escape the law.

“Many thought that when you take loan from the banks, the money need not be re-paid and you can come to London and stay out here…and democracy is liberal enough to permit defaulters to stay here. That normal needs to be cracked,” he said during a session yesterday on ‘Transforming India: Vision for the Next Decade’ organised by the London School of Economics’ (LSE) South Asia Centre.

“It is the first time that you have strong action being taken. In fact, it has never happened that defaulters are on the run. The fact that they are on the run and their properties are being attached, is a signal that India as a country is sending for the first time. Otherwise, we had learned to live with defaulters,” he said during his ongoing visit to the UK.

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