PM Modi Slams Congress On Oil Bonds, Cites Massive Fiscal Impact

Prime Minister Narendra Modi criticised the Congress party while speaking at the What India Thinks Today Summit held in New Delhi.

In his keynote speech, he alleged that the Congress-led UPA government issued oil bonds to mask fuel price increases and retain political control rather than addressing structural issues.

PM Modi stated that his government has dealt with the long-term consequences of those decisions in recent years. He added that while the original liability was estimated at Rs 1.48 lakh crore, interest payments increased the total burden to over Rs 3 lakh crore.

He said that Congress leaders continue to criticise the current administration but avoid acknowledging the financial implications of the oil bond policy.

Referring to ongoing global tensions, the Prime Minister noted that such developments affect all countries, yet some political actors attempt to use them for limited gains. He called for responsible behaviour and unity.

He compared the situation to the Covid-19 pandemic, saying India achieved better outcomes through collective effort and should maintain the same approach now.

India’s Position in Global Affairs

The Prime Minister highlighted that India continues to engage with countries worldwide while promoting cooperation and dialogue.

He stated that India’s stance remains focused on national interest, peace, and diplomatic engagement.

He remarked that political self-interest sometimes takes precedence over national welfare, contrasting it with what he described as a governance approach centred on public interest.

PM Modi said that India’s foreign policy has gained appreciation globally for its clarity and balanced execution, even in challenging circumstances.

Quoting the phrase ‘Saanch ko aanch nahin’, he stressed that transparent governance strengthens credibility.

He concluded by noting that India’s strong economic performance and proactive role in international discussions are reinforcing its position as a responsible global power.

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