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PM Modi’s Bold Stand Against Economic Offenders: What It Means for the World

Prime Minister Narendra Modi addressed the challenge of fugitive economic offenders on Saturday, highlighting its significance for both G20 nations and the Global South. Speaking virtually at the G20 Anti-Corruption Working Group’s meeting in Kolkata, PM Modi recalled his 2018 G20 Summit discourse, outlining a comprehensive nine-point strategy against Fugitive Economic Offenders and for Asset Recovery.

“This challenge extends to all G20 nations and the Global South. In my inaugural G-20 Summit in 2014, I deliberated on this very concern. In the 2018 G-20 Summit, I unveiled a nine-point action plan to combat Fugitive Economic Offenders and facilitate Asset Recovery. It is gratifying to observe the resolute measures undertaken by your consortium,” expressed PM Modi.

He commended the outcome-oriented High-Level Principles, focusing on three pivotal aspects: Collaborative law enforcement through data exchange, reinforcement of asset recovery mechanisms, and augmentation of integrity and efficacy within anti-corruption bodies.

In the backdrop of the Opposition’s vocal criticism concerning fugitives such as Businessman Vijay Mallya, Diamantaire Nirav Modi, and businessman Mehul Chowksi, the matter was prominently raised in the recent Monsoon session of Parliament.

“To expedite the retrieval of foreign assets, G20 nations have an opportunity to showcase the efficacy of non-conviction based confiscation. This approach ensures the expeditious repatriation and extradition of offenders following due legal procedures,” asserted PM Modi.

During his discourse, PM Modi underscored the disproportionate impact of corruption on the impoverished and marginalized, with consequential ramifications for resource allocation. He emphasized that combating corruption is a moral obligation to the citizenry.

“The brunt of corruption is acutely borne by the underprivileged and marginalized segments. It jeopardizes resource distribution, distorts market equilibrium, hampers service provision, and ultimately erodes the quality of life for our populace,” PM Modi emphasized.

Drawing from Kautilya’s Arthashastra, PM Modi emphasized the government’s responsibility to optimize state resources for the maximal welfare of its constituents. This endeavor necessitates an unyielding stance against corruption, thereby elevating the fight against corruption to a sanctified duty.

“Kautilya’s Arthashastra stipulates that the government’s foremost duty is to augment state resources to maximize citizen welfare. Realizing this objective mandates the eradication of corruption, underscoring its sanctified status as our commitment to the citizens,” he appended.

Affirming India’s unyielding commitment, PM Modi reiterated the nation’s Zero Tolerance policy towards corruption. He further highlighted the proactive measures undertaken to seal gaps and leakages within welfare initiatives and governmental projects.

“India’s resolute Zero Tolerance stance against corruption is steadfast. We harness technology and e-governance to institute a transparent and accountable ecosystem. By plugging leaks and fortifying welfare initiatives and state projects, we have extended direct financial benefits to hundreds of millions of Indians. The cumulative value of these transfers has surpassed 360 billion dollars, leading to savings exceeding 33 billion dollars,” PM Modi concluded.