PM Modi cautions against 'irresponsible' financial policies
Narendra Modi has reiterated that «irresponsible» financial policies and populist measures may give political results in the short term but will extract a «great social and economic price» in the long term.
Modi made these remarks in an interview to PTI late last week while answering a question about the global debt crisis — which, he noted, is «a matter of great concern for the world, especially (for) developing countries».
In remarks that came ahead of the G20 summit here, The prime minister said countries that are going through debt crisis or have gone through it, have begun to give greater importance to financial discipline.
Modi said he has urged state governments to be conscious about financial discipline.
«Whether it is in the National Conference of Chief Secretaries or any such platform, I have said that irresponsible financial policies and populism may give political results in the short term but will extract a great social and economic price in the long term,» Modi said, as he cautioned against politics based on populist measures.
«Those who suffer the consequences the most are often the poorest and the most vulnerable.»
Modi also spoke about how the political stability seen in India in the last nine years has led to several reforms in economy, education, banking and financial sectors, saying growth was its «natural by-product», as he outlined his vision for the country for the next two decades.
With his government approaching the end of its second term, the prime minister said before 2014, the country saw many governments that were unstable and therefore, unable to get much done.
«But in the last few years, the people have given a decisive mandate, which has led to a stable government, predictable policies and
