PM says corrupt, black money hoarders will not be spared

Prime Minister Narendra Modi vowed not to spare corrupt and black money holders, saying efforts of his government have freed corridors of power from brokers, enhanced the number of taxpayers and saved Rs 90,000 crore by eliminating bogus beneficiaries.

In his nearly 90-minute address to the nation on the occasion of 72nd Independence Day from the ramparts of the Red Fort, Modi thanks honest taxpayers for their contribution in the development of the country, which is now the world's sixth largest economy.

Also, nepotism and partisan politics have been eliminated and strict action is being taken against bribery.

"We will not spare the corrupt and those who have stashed black money. They have ruined the country," he said.

"Delhi's streets are now free from power brokers. From (a time when) the voice of power brokers (was heard), the voice of the poor is (now) heard." 

Modi, in his fifth Independence Day speech, also mentioned the clamp down on three lakh shell companies that were used to launder ill-gotten money.

Listing measures that have brought the untaxed in the tax net, he said the number of income taxpayers has increased to 6.75 crore from 3.5-4 crore before 2014.

Also, the implementation of one-nation, one-tax scheme of Goods and Services Tax (GST) has led to a rise in the number of indirect taxpayers from 70 lakh to 1.16 crore.