Prime Minister Narendra Modi has criticized the previous UPA government, stating that their greed for power took precedence over national interest, destroying India’s banking system. He made these remarks during a Rozgar Mela, where he virtually gave appointment letters to over 70,000 recruits.
PM Modi highlighted how the banking sector suffered under the Congress-led dispensation before his government took corrective measures. He mentioned the “phone banking” scam as one of the biggest scams of the previous government, where loans worth thousands of crores were given to favorites of influential leaders and families, and these loans were never meant to be repaid.
Emphasizing the steps taken by his government, PM Modi stated that measures such as strengthening bank management, merging small banks, and injecting professionalism helped improve the sector. The prime minister praised the banking sector employees for their commitment to serving the people and executing various government schemes, including the ‘Mudra’ scheme and supporting women’s self-help groups.
He added that India’s banking sector is now counted among the strongest in the world, which was not the case nine years ago. PM Modi highlighted the rise of India from the 10th largest global economy to the fifth largest under his government, and experts believe it may become the third-largest economy in the future. This growth will create employment opportunities and boost the income of citizens, particularly the neo-middle class.
The government has focused on the skill upgradation of the young population, and PM Modi expressed optimism about India’s talent being a center of global attraction. However, he urged government employees to work towards eliminating poverty in India completely, stating their significant role in this endeavor.