Our government will continue to take strict action against financial irregularities: PM Modi

Prime Minister Narendra Modi finally broke his long maintained silence over the Rs 11,400 crore PNB scam that stirred the nation.

While speaking at Fourth Global Business Summit organised in Delhi by Economic Times he said his government has always taken strict action against financial irregularities and will continue to do that. 

"I want to make it clear that this government has been taking strict action against financial irregularities and will continue to take strict action, System will not tolerate loot of public money," he said.

He also requested the management of institutions to "do their job diligently and with dedication". 

He said, "I want to make an appeal to those who have been entrusted with the job of framing rules and policies and maintaining ethics to do their job diligently and with dedication, this should especially be followed by those who have been entrusted with the responsibility of supervision and monitoring. 

Hitting out at the former government, he said "You are aware of the earlier banking system and how an environment of crony capitalism was entrenched in the system. More than 2000 insolvency professionals and 62 insolvency entities are engaged in solving this. Our govt in three months has been able to solve more than 2700 cases".

He also said that his government had managed to connect over one lakh village panchayats through optical fiber in three years, while the previous government connected only 59 panchayats. 

He said India was counted in "Fragile 5" four years ago, however, today the country's $ 5 trillion economy was the highlight.