New Delhi, Aug 15 (IANS): Prime Minister Narendra Modi in his Independence Day speech on Monday said that India has entered the phase to fight corruption and the corrupt.

He said that he needs the blessings of 130 crore people to fight this menace. He said while some people don't have a place to live, there are some who don't have a place to keep the looted money.

"Two big challenges we face today -- corruption and 'Parivaarvaad' or nepotism. Corruption is hollowing the country like a termite. We have to fight it. We have to also raise awareness against nepotism (Parivaarwaad) to realise the strength of our institutions, and eradicate from the system and to take the country forward on the basis of merit," he said.

Modi said, "In the past government, the people have looted banks and run away but now their properties are being confiscated and there is a process to bring them back and get all the money."

He said the nation will not tolerate corruption, but there should be no place for corrupt people as well. "Sometimes kindness is created for those who have been convicted by courts which is not right. This should not be done."

The Prime Minister came down heavily on nepotism and said not only in different institutions but in politics too there should be a resistance against family first policy.