Asserting that the ‘White Paper’ containing details of the alleged fiscal mismanagement of the Congress-led UPA at the Centre prior to 2014 has laid out the ‘entire truth’ before the country, Prime Minister Narendra Modi on Friday said there was great disappointment among investors around the world during the previous regime due to continuous scams and policy paralysis at the top levels in the government.

Addressing the ET Now Global Business Summit 2024, Prime Minister Modi said, “Policies followed by the country in the 10 years before 2014 were actually taking the country on the path of poverty and now the White Paper has been tabled in the Budget Session of Parliament regarding this.”

“There was great disappointment among investors around the world due to scams and policy paralysis leading to a huge risk of losing the confidence of investors. Now that India’s economy is in a strong position, the government has presented the entire truth before the country in the form of the White Paper,” he added.

Prime Minister Modi stated that completing projects in a time-bound manner has become the identity of his government, adding that the country’s exchequer has been boosted with the restoration of the principles of transparency to the system and adoption of modern technologies.

Addressing the business event, Prime Minister Modi said, “Completing projects in a time-bound manner has become the identity of our government. Earlier there were rising project costs caused due to delays. The Eastern Dedicated Freight Corridor project which was launched in 2008, that project costs rose from Rs 16,500 crores to more than Rs 50,000 crores upon completion last year. Bogibeel Bridge of Assam which was launched in 1998, project costs rose from Rs 1100 crores to Rs 5,000 crores upon completion in 2018.”

He added that with the implementation of Direct Benefit Transfer (DBT) schemes, a total of Rs 3.25 lakh crore was saved by the government.

“We got rid of 10 crore fake beneficiaries who existed only on paper, putting an end to the leakage of funds with Direct Benefit Transfer helping save Rs 3.25 lakh crore from falling into the wrong hands, GeM Portal for purchase of government goods resulting in savings of Rs 65,000 crores, and diversification of oil procurement saving Rs 25,000 crores,” he said.

PM Modi reiterated that he was accountable not only to the present generation but also to the generations hence.

On the launch of the Centre’s rooftop solar scheme, PM Modi said, “The rooftop solar scheme for one crore houses will not only help people reduce their electricity bills to zero by generating electricity (through solar energy) but also earn money by selling the extra electricity. LED bulbs provided under the Ujala scheme have helped save Rs 20,000 crores in electricity bills.”

“India is soaring to new heights of progress,” Prime Minister Modi said, assuring fellow citizens that the country was on the path to becoming the third-largest economy in the world.

He also expressed confidence that the present government’s third term will witness huge decisions, as preparations are already underway for the launch of new schemes to eliminate poverty while giving a new impetus to development.

He informed that suggestions from more than 15 lakh people have been taken into consideration in cutting red-tape and driving the country forward.

Prime Minister Modi said the “world trusts India today”, adding, “Every development expert group in the world is discussing how India has transformed in the last 10 years.”

Concluding his address, Prime Minister Modi said, “New India will work with super speed. This is Modi’s guarantee.”