New Delhi, Feb 23: Prime Minister Narendra Modi on Friday delivered a keynote address at the 4th Global Business Summit in the national capital. In his address, PM Modi said that the government won’t accept irregular acquisition of public money. The Prime Minister also assured that strict action is being taken against financial irregularities.

“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. Irregular acquisition of people’s money will not be tolerated,” PM Modi said at the 4th Global Business Summit. The statement assumes significance in light of the multi-crore loan defaults reported by public sector banks over the last few weeks.

“You are aware of the earlier banking system and how an environment of crony capitalism was entrenched in the system. More than 2,000 insolvency professionals and 62 insolvency entities are engaged in solving this. Our government has been able to solve more than 2,700 such cases in three months,” PM Modi said.

The country’s second largest state-run bank Punjab National Bank (BNB) on February 14 unearthed a fraud of Rs 11,300 crore involving diamantaire Nirav Modi. The Central Bureau of Investigation (CBI) has booked Modi, his wife Ami, brother Nishal Modi and uncle and business partner Mehul Choksi — the promoter of luxury jewellery brand Gitanjali Gems.

Without naming either Nirav Modi or PNB, PM Modi appealed to the management of financial institutions as well as regulatory bodies to do their job diligently to check such frauds. “Those responsible for implementation of rules and regulations in financial institutions, especially those who have been entrusted with the task of monitoring, should carry out their work with complete dedication,” PM Modi said.

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 macroeconomic 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.”