New Delhi, 22 July (PTI) – On Saturday, Prime Minister Narendra Modi said that in order to further political ambitions, national interests had been put at risk under the previous United Progressive Alliance (UPA) administration.
He stated that the UPA government had ruined the banking sector, but his government restored financial health.
The Prime Minister addressed a job fair organized to distribute appointment letters to the youth. Indirectly targeting the Gandhi family, he remarked that some powerful leaders, especially those close to a particular family, were given loans of thousands of crores that they had no intention of repaying.
Biggest scams of the previous government
Modi said that ‘Phone Banking’ was one of the biggest scams of the previous government, which had severely damaged the banking system.
He said that while phone banking was unavailable to them nine years ago, it may now be practical for the average person.
According to Modi, his government’s initiatives have helped India join the group of nations with thriving banking sectors.
Handing over appointment letters
Addressing a job fair after handing over appointment letters to nearly 70,000 people through digital means, Modi highlighted that a significant number of the appointed individuals would be working in the banking sector. He accused the previous Congress-led government of ruining the banking sector before his government’s progressive steps were taken.
From 2004 to 2014, there was a UPA government in power at the center.
Modi stated that his government has taken several steps to strengthen bank management, merge smaller banks, and create a professional environment to support this sector.
He mentioned that in the past, public sector banks used to incur losses in billions of rupees due to non-performing assets (NPAs), but now they are known for recording profits.
The Prime Minister praised the hard work and dedication of the banking sector employees for implementing various government schemes to serve the people, support the ‘MUDRA’ scheme for loans to the poor and the unorganized sectors, as well as assisting women’s self-help groups.
Modi stated that India has emerged as a center of global trust and attraction, and the country should make full use of it. He mentioned that various sectors in India are witnessing increasing opportunities.
He emphasized that India is now counted among the countries with a strong banking system, which was not the case nine years ago.
Addressing the newly recruited youth, Modi said, “There are many examples of destruction caused by prioritizing personal gains over national interests. Our banking sector had to face destruction during the previous government.”
He added that during those times, loans were given to favorites without any intention of repayment, and to showcase the payment of old debts, new loans were given one after the other.
While rules like the Insolvency and Bankruptcy Code safeguarded banks against NPAs (non-performing assets), Modi emphasized that severe measures were taken against individuals who tried to scam institutions.
He mentioned that his government insured deposits up to five lakh rupees in banks, ensuring the security of more than 99 percent of account holders.
The prime minister addressed the audience and recalled that the tricolor flag was approved by the Constituent Assembly on this day in 1947, making today unique for the nation as a whole as well as for the newly enlisted young.
He stressed the importance of the next 25 years for both the newly hired young and the country as a whole since it is during this time that India must lay the foundation for its development. Modi emphasized that India’s economy increased from being the 10th to the fifth largest in the world during his administration.
He pointed out that most experts believe that in the coming years, India will become the world’s third-largest economy, which will be a historic moment.
Modi mentioned that this growth will create more employment opportunities in every sector and lead to an increase in the income of the common citizens. He cited a recent report by NITI Aayog, stating that in the last five years, over 130 million Indians have been lifted above the poverty line.
The Prime Minister praised the efforts of government employees in implementing various government schemes, such as providing pucca houses, toilets, Jan Dhan accounts, and electricity connections to the poor.
He remarked, “This success shows that if we accelerate our efforts to remove poverty from India, it can be completely eradicated, and every government employee has a role to play in it.”
Modi mentioned that with the growth of the middle class, new opportunities for employment are being created, and the manufacturing sector is becoming stronger due to increased demand and aspiration.
He pointed out that in many countries, the elderly population is increasing while the working-age population is decreasing, and the world is looking at Indian talent.
Modi stated that his government is focused on skill development for the youth and the number of institutions providing professional education is increasing.