Government will not tolerate embezzlement of public money : Modi


New Delhi, Feb 24 (IANS): Breaking his silence over the massive PNB scam, Prime Minister Narendra Modi on Friday said that the government will take strong action against those indulging in financial irregularities and asked supervisory agencies responsible to do their job to prevent such frauds.

He also warned that his government will not tolerate embezzlement of public money.

"Those entrusted with the responsibility of ensuring rules and ethics in various financial institutions, should work with full dedication - especially those who are responsible for supervising and monitoring," Modi said while addressing a gathering at Economic Times Global Business Summit.

He made it clear that the government would take strict action against irregularities in financial matters.

"The illegal accumulation of people"s money is unacceptable, and this is the basic mantra of New Economy-New Rules," he said.

Noting that the Union Government is going to complete four years of assuming office in a few months, he said that a definite change is now visible.

"This change in the economic and social content, represents the essence of the New Rules for the New India and the New Economy," the Prime Minister said.

He said that in the last four years, the discourse has changed from India being a 'fragile five' economy to the target of India becoming a 'five trillion dollar' economy.

Presenting figures to indicate how India is playing a key role in the entire world's growth, he said that in nominal terms, India's share of the world GDP has risen from 2.4 per cent in 2013, to 3.1 per cent in 2017.

"India is performing better on various macro-economic parameters," he said.

Modi said that this change has come about due to a new approach and a new work culture. "India's competitiveness is being validated by the entire world today."

Recalling that when he had last attended this Global Business Summit, GST was still just a possibility, he said: "Today it is a reality, which has delivered a better tax compliance system and a better revenue system." He also mentioned other major reforms such as the Insolvency and Bankruptcy Code.

Giving examples of the increase in pace in the various projects in infrastructure sector, he said that speed, scale and sensitivity are important to ensure the success of the government's initiatives.

"There is unprecedented investment being made today in infrastructure, agriculture, technology, health sector and education sector," he said mentioning the initiatives taken in the health sector, such as Mission Indradhanush, Jan Aushadhi Stores, and the Ayushman Bharat scheme.

About the Digital India Mission, Modi said that the trinity of 100 crore bank accounts, 100 crore Aadhaar cards and 100 crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world.

Recalling that in his last address at the Economic Times Global Business Summit, he had spoken of Housing for All, Power for All, Clean Cooking for All, Health for All,and Insurance for All, he now outlined the steps that have been taken in regard to house construction, Ssaubhagya yojana, Ujjwala Yojana, and insurance.

Saying that the government's initiatives are aimed at empowering the poor, the Prime Minister also mentioned the construction of toilets, distribution of loans through the Mudra Yojana and distribution of soil health cards.

 

  

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Comment on this article

  • Raj, Mangalore

    Sat, Feb 24 2018

    Why hasnt Modi asked fellow Gujju and Mukesh Ambani's man Mr. Urjit Patel to resign for dereliction of duty? Modi's actions do not match his rhetoric.

    DisAgree Agree Reply Report Abuse

  • Af,,, Mangalore

    Sat, Feb 24 2018

    what is the percentage for election rallys?

    DisAgree Agree Reply Report Abuse

  • Amith, USA

    Sat, Feb 24 2018

    PAKODA MASTER, if it is so, why didn't you take action when a gentleman from Bangalore complaints to the PMO???? First, You arranged his SAFE departure then your people start shouting!!!! WAH Feku WAH, ANDHE KO. ............UTAKE DIKATHE HO???? Ab Ullu NAHIN banenghe!!!!!!

    DisAgree Agree Reply Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    Another JUMLA by the leader of Bharatiya Jehadi Party
    Bhayiyon and Baheno just live on Jumlas ..

    DisAgree Agree [3] Reply Report Abuse

  • Anonymous, Mangalore

    Sat, Feb 24 2018

    Who looted the public by selling toordal ,urid dal at rs.200?
    Who is selling petrol at RS.80 per ltr?
    Who looted the public in the name of GST?
    Who looted the public in the name of cashless theory/Demonetisation?
    Who looted the PSU banks ..?
    Who is responsible for the present fiasco in banking sector?
    Who are the people connected with PNB scam?
    Where are those super bankers of India looting the public exchquer?
    Koyi hai sun ne wala?

    DisAgree [2] Agree [16] Reply Report Abuse

  • Roshan Patrao, Traffic Warden, Mangalore

    Sat, Feb 24 2018

    Oorige kolle hodeda mele koteya baagilu haakidanthe.

    DisAgree [2] Agree [13] Reply Report Abuse

  • Divakar, Karkala

    Sat, Feb 24 2018

    People fed up now with your fake speech and drama

    DisAgree [3] Agree [21] Reply Report Abuse

  • geoffrey, hat hill

    Sat, Feb 24 2018

    Finally following gibes after gibes, digs after digs by RG the Chowkidar woke up from his deep slumber! Wondering what some of the bhakths who justified his silence saying 'PM doesn't have to bother with such small things' have to say now apart from shoving their feet into their mouths.

    DisAgree [3] Agree [18] Reply Report Abuse

  • Vincent Rodrigues, Bengaluru/Katapadi

    Sat, Feb 24 2018

    If that is the case,why he had allowed all these bank frauds which runs into crores of misusing public money

    DisAgree [1] Agree [14] Reply Report Abuse

  • J.F.D SOUZA, Attavar, Mangalore

    Sat, Feb 24 2018

    hammer the iron rod when it is hot and not after a week. This is our (poor people's ) money those so called rich people swindle. Bring all of them back to India and fire them.

    DisAgree [1] Agree [10] Reply Report Abuse

  • Oswald Vaz, Thottam/ Bahrain

    Sat, Feb 24 2018

    It is the soul responsibility of the Central Government to see that the residents money is safe in Banks & to see that no such things repeat in future to shame the country. This should start from ground Zero. It won't happen just by talking. Government along with RBI should outline proper Audit procedures so that people should feel that their hard earned money is safe in the Banks. This is the primary responsibility before any talk about the development. How many times this happened ?. Government is fed with citizens TAXES. Do they don't have to manage the Taxes collected from the public to be used properly & look after the affairs of the people. Every time some thing happens all the parties fight each other in public domain in national TV. This is for they are elected ?. There should be minimum education qualification to compete in election under our constitution.

    DisAgree Agree [14] Reply Report Abuse

  • DON, Udupi

    Sat, Feb 24 2018

    420.

    DisAgree [2] Agree [31] Reply Report Abuse

  • L n T, Mumbai

    Sat, Feb 24 2018

    Intolerance
    Please speak about Nirav Modi Lalth Modi Vijay Mallya and Vicky Kothari bring back to India.

    DisAgree [2] Agree [30] Reply Report Abuse

  • Oswald Vaz, Thottam/ Bahrain

    Sat, Feb 24 2018

    Don't tolerate ! Now bring back the embezzled public money as early as possible.

    DisAgree Agree [32] Reply Report Abuse


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