NEW DELHI: PM Narendra Modi on Thursday cited economic crises facing countries in India’s neighbourhood to sound a loud warning against the “sin” of financial profligacy, saying it would cost future generations.In what appeared to be a reference to the decision of some of the non-BJP states to go back to the old pension scheme (OPS), the PM said, “Look at the plight of countries in the neighbourhood.

See how reckless borrowing has left those countries reeling under debt burdens.

If we follow the same example and spend recklessly, as some states have done, thinking that the burden is going to be borne by coming generations, then our country is also going to be ruined.”Speaking against the backdrop of the resource crunch in Pakistan and Sri Lanka and the fast-deteriorating situation in Bangladesh, Modi regretted that back home some politicians have exclusively focused on power and are pursuing the type of economic policies that are, in fact, recipe of financial disaster.“They are sinking under the burden of debt.

They are facing real hardships as nobody is ready to lend to them,” said Modi, his remarks coinciding with the IMF refusing to bail out cash-strapped Pakistan unless it agreed to accept tough conditions laid down by the fund such as an end to the free power scheme.Speaking amid disruptions, the PM appealed for a consensus, saying that all should rise above their political and ideological differences as well as grudges against each other to ensure that the country’s financial health is not endangered.

“You should not commit such a sin.

While we may be able to enjoy our lives, the future of our children will be ruined,” he said.The timing of the remarks signalling an unambiguous opposition to the restoration of OPS is significant.

They came in the wake of BJP’s poll defeat in Himachal Pradesh, where Congress’s promise to reverse its stand and restore OPS is considered to have played a major role, and coincides with the campaign for Tripura elections as well as the build up to the Karnataka polls.

Political circles believe that BJP’s failure to commit to a return to OPS was also a factor in BJP’s recent surprise defeat in the legislative council elections in Nagpur.The PM’s tough stand appears to rule out a complete rollback of the new pension scheme that was implemented by the Congress government headed by former Prime Minister Manmohan Singh.Four states, Congress-governed Rajsthan and Himachal Pradesh, Jharkhand being run by a JMM-led coalition in which Congress is a component, and the AAP government in Punjab have informed the Centre about their decision to revert to OPS.