From NPAs To Petrol Subsidy And Reforms, PM Modi's Censure For Congress

Prime Minister Narendra Modi, speaking at the NDTV World Summit this evening, slammed the Congress on multiple fronts - accusing it of creating a "mountain of non-performing assets" or NPAs to "distancing people from banks" and even shutting petrol pumps for 12 hours a day to "avoid government subsidies". 

Speaking on the theme of "Unstoppable India" at the summit, which was attended by a number of world leader - present and former - including Sri Lankan Prime Minister Harini Amarasuriya, former UK Prime Minister Rishi Sunak, former Australian Prime Minister Tony Abbott and others - PM Modi said he would "contextualise it in terms of the situation 11 years ago".

"Before 2014, the discussions would be on how India would brace for global headwinds, till when India will be in policy paralysis, when scams will stop, and there were questions about women's security. There were terrorist sleeper cells... Then everyone thought India would not be able to come out of this. But India took on every challenge. Now, from the fragile 5, it has become a part of the top 5... Inflation is below 2 per cent,' he said. 

Unlike the Congress, "we worked towards democratising policies. This is the driving force behind Unstoppable Bharat," PM Modi said. "We took the country out of this governmentalisation. We brought reforms into the banking sector. Digital transactions have made India one of the most inclusive countries in terms of finance," he said, drawing a comparison with the Congress, saying they "distanced people from banks". 

"Poor people were scared to go to the banks. When we took over, half of the population didn't even have bank accounts... We democratised banking system and opened more than 50 crore Jan Dhan accounts in mission mode," he said. 

"In the petrol and gas sector, before 2014, so they don't have to give subsidies, the Congress was planning to close petrol pumps from 8 pm to 8 am. Now the stations are open 24x7," he added.

"In the last three years, India's average growth has been 7.8 per cent... This is unprecedented and unexpected," he said. "IMF did an upward revision of India's growth. Google made a big investment announcement the other day. Big investments are being made in the energy and semiconductor sectors... the world sees opportunity in India. World sees India as a responsible partner," he added.

India, he said, has converted "every risk into reform, reform into resilience and resilience into resolution". 

Then slamming the earlier reforms -- liberalisation -- during the Congress era, he said, "We have heard the talks of reform earlier also. But that reform was out of compulsion".