PM Modi ensures strong action against financial irregularities

Amid the controversy surrounding loan defaulters Nirav Modi and Rotomac owner Vikram Kothari, Prime Minister Narendra Modi on Friday asserted that the government is taking strong action against financial irregularities.

"This government is taking stringent action against irregularities related to economic issues and will continue doing so. This system will not accept irregular acquisition of public money," Prime Minister Modi said while addressing the 4th Global Business Summit in the capital.

Further hailing the current economy goal, Prime Minister Modi said, "You will remember that four years ago, when India was talked about, it was counted in the 'Fragile Five' countries. Today India's five trillion dollars economy goal is being talked about".

"In the last three-four years, India has strengthened itself with the economic growth of the whole world. According to IMF data, India's contribution to Global GDP at the end of 2013 was 2.4 percent. It has increased to 3.1 percent in almost four years of our government," he added.

Pointing out India's performance in macro-economic parameters, Prime Minister Modi noted that the country contributes 21 percent to world growth despite being just 3 percent of the global economy.

"Today, India is performing well in terms of all macro-economic parameters, whether it is inflation, current account deficit, fiscal deficit, GDP growth, interest rate, FDI etc. India contributes 21 per cent to world growth despite being just 3 per cent of the global economy," Prime Minister Modi said.

"In three years, the country's 'economic world' has learned a new thing, and that is competitiveness. If there is no competition to surge ahead, it kills healthy competition. Today, the entire world is validating India's competitiveness," he stated.

Further lauding the Goods and Services Tax (GST) implementation, Prime Minister Modi said "GST has led to better tax compliance and revenue generation in India".

"Working with Speed, Scale and Sensitivity is a guarantee of success. Our government has brought an end to the culture of 'Atkana, bhatkana and latkana'. This has given a big boost to the whole system. India has changed because the country is now progressing with a new work culture," he asserted.

Prime Minister Modi also spoke about health sector which are lagging behind and ensured Good Healthcare soon.

"Our health sector has always lagged behind when it comes to holistic attention. Health-related schemes were created earlier, but they lacked sensitivity. We are insuring Good Health as well as ensuring Good Healthcare.