He also assured that if BJP came to power then the state would no longer witness economic blockade.
Madhav, who is presently in the poll-bound Manipur, accused the Okram Ibobi Singh government of being involved in corruption and smuggling of foodgrains and fertilisers.
"The state government and ruling party are involved in corruption and smuggling of foodgrains, fertilisers and also helps in smuggling of narcotics. Manipur is the third least developed state in the whole country," Madhav alleged while addressing a press conference.
Economic blockade has led to extreme shortage of essential commodities including food items, lifesaving drugs and motor fuel in the state.
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Answering media queries, he said, "If BJP comes to power, any allegation made against the incumbent government would be investigated and those found guilty will be punished."
Questioning the utilisation of funds sanctioned by the central government, Madhav expressed shock that several dam projects ha been stalled for more than three decades.
"Under the guidance of Prime Minister Narendra Modi who is committed to clean politics, the state can excel in everything. We have zero tolerance towards corruption," he said.
Stressing on the need for infrastructure development in the state, Madhav said, "The state which has abundant natural water reserve does not have proper sanitation and water provision, with 85 per cent of people having no access to proper sanitation.