Prime Minister Narendra Modi promised “strict action” against those indulging in financial manipulation, at the YES Bank- Economic Times Global Business Summit. The PM sought tight monitoring and surveillance to guard against misuse of public funds. “We are taking, and will take, strict action against financial manipulations,” Modi said, in his first reference to the recent bank frauds.
He said that those in-charge of monitoring and surveillance should be on alert and financial institutions should discharge their duty responsibly. “They should follow the norms with the right intentions. Any misuse of public funds will not be tolerated.” The leader spoke at length about the economic reforms undertaken by his government that will soon be completing four years in office. Addressing an audience of top local and global businessmen, key bureaucrats and ministers from the government, Modi said, “A new India, new economy, and new rules are there. Four years back, whenever people spoke about India, they made a reference to the 'Fragile 5'. People used to laugh at us, and joke that not only is India going down, it is also pulling down the global economy. Now people talk about India's target of becoming a $5 trillion economy. People are coming together with India.”
Modi also made numerous references to how the current government has performed better than the previous UPA-led government. He mentioned the higher growth number in areas such as road construction, power, internet connections to gram panchayats, and the focus on LED bulbs. He said that the government had taken special efforts to bring out black money for which it had formed an SIT to investigate alleged manipulations by importers and exporters.
Emphasizing that macroeconomic indicators remain healthy, Modi said that the government is now taking steps towards lending transparency in governance while according highest priority for the welfare of the poor and the lower income groups. He mentioned how the Budget had rolled out one of the country’s biggest health scheme that aims to provide Rs 5,00,000 for serious ailments to 100 million marginalized families. He said that GST has been the “biggest tax reform” undertaken by his government and has helped to boost tax compliance while boosting the government’s revenues.
