Won't accept misuse of public money: PM Modi

NEW DELHI: Financial institutions, who have been given the responsibility to ensure rules, policies and ethics are maintained, should perform their responsibility with full dedication, Prime Minister Narendra Modi said on Friday.

Addressing the Economic Times Global Business Summit the PM said, "I want to make it clear that government will act very strongly against irregularities relating to financial matters. Our system will not accept misuse of public money," Modi said. This is the fundamental principle of new economy-new rule, he said.

Holding simultaneous elections in the country will also have a positive impact on the country's economy and will also increase investments, the PM said


He added that his government in the last three years has not only been successful in keeping macroeconomic factors in check but has also put in place honest systems in economy.

His government was focussed on people centric growth and aspirations of the middle class. "There is an effort to ensure sensitiviity in the system. I talk to people to get direct feedback from people," PM Modi said.

Listing his achievements he said that the number of rail lines being converted into broadguage has doubled and hundreds of gram panchayats have been connected by fibre optic .400 schemes have been connnected by direct bank transfer, he said.

The PM said while imagining new India, new rules and new economy "one has think new and one has to think big."

His government is finishing four years in a few months and the change that is most visible is that new rules are being formed for new economy, he said

The PM said India was part of fragile five a few years ago but "today there is discussion on India's five trillion economy." He said that his government has been successful in keeping inflation, GDP growth, account deficit in check.

India has considerably reduced the account deficit and "100 crore bank account, 100 crore aadhaar cards" will be revolutionary, he said.

This budget we have focused on agriculture sector from increasing MSP, expanding micro-irrigation. Any step to increase farmers income should be our focus though economist worried about rising prices, he added.