Govt will continue to take strict action against financial irregularities, says PM Modi |
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Prime Minister Narendra Modi has said, embezzlement of public money will not be tolerated and his government will continue to take strict action against financial irregularities. In apparent remarks on the recent Punjab National Bank fraud case, Mr Modi said, illegal accumulation of public funds is unacceptable, and it is the basic mantra of New Economy - New Rules. Addressing the ET Global Business Summit in New Delhi last evening, the Prime Minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.
Mr Modi also listed the NDA government's achievements and initiatives, saying that his government's vision of 'Sabka Saath, Sabka Vikas' is helping in empowering the poor. He said, GST has led to better tax compliance revenue generation in the country.
The Prime Minister also said, the speed of converting railway lines into broad gauge has been doubled, adding that over one lakh gram panchayats have been linked to an optical fibre in three years.
Mr Modi also asserted that there is a clear sign of change in the Indian economy and in the last three-four years, it has strengthened itself with the economic growth of the whole world. He said, when the economy of India has discussed four years ago in the world, it was said Fragile Five. But now, the goal of India's Five Trillion Dollar Economy is being discussed.
The Prime Minister also said, according to the International Monetary Fund data, India's contribution to Nominal Term in Global GDP at the end of 2013 was 2.4 percent. This, he said, has increased to 3.1 percent in almost 4 years of NDA government. Mr Modi said, India is ranked among the top two emerging market performers according to FDI confidence index.
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