Published: Sun, February 25, 2018
Worldwide | By Gretchen Simon

Now, Fly to Diu From Ahmedabad: PM Modi Launches Flight Service

Now, Fly to Diu From Ahmedabad: PM Modi Launches Flight Service

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.

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

Former finance minister P Chidambaram claimed that best decadal growth was under the UPA government between 2004 and 2014, when the GDP in current prices increased three times in dollar terms and four times in rupee terms.

Addressing the Economic Times Global Business Summit in New Delhi, Narendra Modi said that the MSME sector is the backbone of the economy and the centre is constantly endeavouring for the promotion of the sector.

Projects like a heliport, water pipeline, a pedestrian bridge over the Daman Ganga river, a hostel for girls and a sports complex in Daman, among others, were also inaugurated by the prime minister.

The prime minister said India has turned around in last four years from being put in five most fragile economies globally few years back, and the country is now being seen as growing to a Dollars 5-trillion economy soon.

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Modi said that this change has come about due to a new approach and a new work culture. Speed and scale bundled with sensitivity led to success, he said.

He also warned that his government will not tolerate embezzlement of public money. "India's competitiveness is being validated by the entire world today".

On falling exports, Modi said the Special Investigation Team (SIT) on black money in its report had stated that there is a serious problem of over-invoicing in import and export. For seven months, Modi government and CBI takes no action and FIR is lodged on 22nd February 208, why?

The government has taken stringent steps to address issue of over-invoicing and signs of improvement in export numbers are visible, he said. Modi yesterday said that government will bring back those people who indulged in banking scams. He also mentioned other major reforms such as the Insolvency and Bankruptcy Code.

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.

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