PM Modi breaks silence on PNB scam; vows to take strict action

PM Narendra Modi launches Rs 1000-cr development schemes for Daman & Diu

PM Narendra Modi launches Rs 1000-cr development schemes for Daman & Diu

"After keeping a mum for so many days, he (Prime Minister Modi) has spoken yesterday that all fraudsters will be brought back".

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.

Citing data from global organisations, the prime minister said India has become stronger over the past four years.

"We want the prime minister to assure this country". He shared his vision for India and elaborate on the role India has to play in the future of the world economy.

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"While the previous govt connected only 59 panchayats through optical fibre, our govt in just 3 years connected more than 1,10,000 village panchayats through optical fibre:", Modi also said.

Without naming Nirav Modi, or Punjab National Bank, the prime minister said the management of financial institutions, auditors and regulators should perform their duty with full dedication.

It has done well on all macro-economic parameters, be it inflation, current account deficit, fiscal deficit, GDP growth, interest rate and FDI, he said.

Increasing use of FinTech is strengthening the Indian economy, he said.

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The prime minister said the roll out of the Goods and Services Tax (GST), which converted the country into one market one tax has led to better tax compliance and revenue generation. However, PM Modi spoke about the bank fraud first time on Friday at the ET Global Business Summit after the fraud took place that the government would take "stern action" against irregularities. "India's competitiveness is being validated by the entire world today".

"Today, for economists it is a subject of study that why there was a similar fall in import and export without any big change in trade deficit".

Mr Gandhi slammed the government for its inability to prevent the latest Rs 390 crore bank loan fraud to hit Oriental Bank of Commerce in which a jeweller used the same modus operandi as the PNB fraud accused Nirav Modi.

Sibal then said that the Modi government only probed those who were opposing it.

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He said "Speed, Scale, Sensitivity" is needed for policies to reach people.

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