World News

PM Modi addresses ET Global Business Summit in New Delhi

PM Modi addresses ET Global Business Summit in New Delhi

"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. This system will not accept irregular appropriation of people's money".

He also appealed to those entrusted with the task of monitoring and vigilance to do their job with full diligence.

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".

The prime minister also claimed that an environment of "crony capitalism" was entrenched in the Indian banking system during United Progressive Alliance rule.

With report of the PNB scam, reports also came that Nirav Modi and other accused in the case have already fled the country. "The world is validating India's competitiveness".

More news: Elon Musk quits AI ethics research group

The Prime Minister further said that provided the fact that MSMEs form the backbone country's economy, it is important to uphold the MSMEs.

Prime Minister Narendra Modi on Friday 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 PNBsaid it had been defrauded of over Rs 11,400 crore. This, he said, has increased to 3.1 percent in nearly 4 years of NDA government.

The prime minister said India contributes 21% to world growth even though it is only 3% of the global economy. Mr Modi said, India is ranked among the top two emerging market performers according to FDI confidence index.

The prime minister also spoke about his government's social schemes, such as building toilets, and his focus on the health sector.


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