Government working to establish a transparent system: PM Modi

Indian prime minister Narendra Modi on Wednesday said that his government was working to end a system where the poor man was always fighting the system and trying to establish one that was transparent and understood the needs of the people.

"We had a system where the poor man was always fighting against the system. He had to struggle for little little things. He had to give commission here and there for his own scholarship and pension," PM Modi said at the Federation of Indian Chambers of Commerce and Industry's (FICCI) 90th Annual General Meeting in Delhi.

"This government is working to end such a fight with the system. We are working to establish a system which is not only transparent, but sensitive as well and that understands the needs of the people," PM Modi said and called upon the industryand political parties to meet the aspiration of people who want India to get rid of corruption and black money.

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PM Modi said his government was taking decisions keeping in consideration the needs of the youth unlike the previous one (United Progressive Alliance) where loans were given to a few big industrialists.The prime minister said that under the Mudra scheme, over Rs 4 lakh crore in loans were given without guarantees to about 9.75 lakh youth for business.

"You must have seen that this government is taking decisions keeping in consideration the needs of the youth in the country, but you can also see the contrast in the previous government. During that time a few big industrialists were given loans worth lakhs. The money was provided after putting pressure on banks," PM Modi said. (Also Read: I devote my life to the betterment of people of Gujarat and India, tweets PM Modi)

"When some people in the government were putting pressure on banks to get loans for certain industrialists, then what were institutions like the FICCI doing?" PM Modi said.

"People sitting in the previous government knew, banks also knew, the world of industrialists knew, institutions associated with the market knew that what was happening was wrong."

The PM also alleged that the current furore over Non-Performing Assets (NPAs), was the "biggest liability given by the economists in the previous government to the this government."

"These NPAs are the biggest scam of the UPA government, more than the Commonwealth, 2G, and the coal scams. Those people who were silent and kept watching everything, did any institution make an attempt to wake them up," the prime minister said.

PM Modi also emphasised that the contribution of institutions like the FICCI was important to dispel rumours like the one being spread about the Financial Resolution and Deposit Insurance (FRDI).

"Rumors regarding the Financial Resolution and Deposit Insurance (FRDI) are being spread. Government is working towards protecting the interest and rights of depositors but rumors being spread are totally opposite. The contribution of institutions like FICCI important to dispel such rumors," PM Modi said.