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'Irregular acquisition of people's money will not be tolerated', says Narendra Modi

By Madhuri Adnal
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    Prime Minister Narendra Modi delivered a keynote at the 4th Global Business Summit in Delhi. He shared his vision for India and elaborate on the role India has to play in the future of the world economy. Modi also said his government will take stringent action against financial irregularities and not tolerate loot of public money, breaking his silence more than a week after India's second-largest bank PNB said it had been defrauded of over Rs 11,400 crore.

     India's contribution to Global GDP has increased

    Speaking at the 4th Global Business Summit in Delhi, Modi said,''You will remember 4 years ago, when India was talked about, it was counted in 'Fragile 5'. Today India's $5 trillion economy aim, & not Fragile 5, is talked about.''

    ''While the previous govt connected only 59 panchayats through an optical fibre, our govt in just 3 years connected more than 1,10,000 village panchayats through optical fibre:,'' Modi also said.

    He further said,''You are aware of the earlier banking system & how an environment of crony capitalism was entrenched in the system. More than 2000 insolvency professionals & 62 insolvency entities are engaged in solving this. Our govt in 3 months has been able to solve more than 2700 cases.''

    ''I would like to make it clear that our govt is taking strict actions against irregularities related to economic matters, it will continue to do so. Irregular acquisition of people's money will not be tolerated,'' Modi said.

    Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the Prime Minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such instances.

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