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FICCI celebrates 90th year: India has entered an era of reasonable political stability, says Arun Jaitley

GST Council's aim is to reduce number of tax slabs under GST, says Sushil Kumar Modi at FICCI event

FP Staff December 13, 2017 13:09:15 IST
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FICCI celebrates 90th year: India has entered an era of reasonable political stability, says Arun Jaitley

Highlights

17:48 (ist)

Highlights

For the first time prime minister Narendra Modi talked at an event organised by industry body Ficci which had earlier tried to bring Modi on board on several occasions but failed. This time Modi chose to speak. His address at Ficci coincided with the ongoing Gujarat assembly elections.

The state has 182 MLAs and one of the few provinces in country that do not have an upper house of the legislature. Modi spoke at the event just one day after campaigning for the second phase of polling ended on Tuesday. 

Modi used the event organised by Ficci to take on the Congress. He said UPA was responsible for NPAs. According to some estimates, India's banking sector is reeling under the burden of huge amount of bad loans. Some industry watchers put the figure at more than Rs 10 lakh crore.

The Modi government has unveiled a banks' recapitalisation plan which will cost the government Rs 2.11 lakh crore. Modi also spoke in favour of maintaining health of banks as well as safeguarding interests of depositors.

The campaign for Gujarat assembly elections has seen verbal assaults from both the Cogress and the BJP at each other. Narendrta Modi at his first Ficci speech listed out his government's pro-poor and pro-common man policies. He went on to say that people in country were now fed up of corruption, black money and systemic hurldes in the way of the citizens. 

He said even after 70 years of India achieving independence, the poor still has to run hear and there to avail even small government beneft. He said Jan Dhan Yojna bridged the gap between the poor and the banks substantially. He praised his gvernment's direct benefit transfer scheme for cooking gas (LPG). 

LIVE NEWS and UPDATES

Dec 14, 2017 - 17:18 (IST)

Finance Minister Arun Jaitley speaks at FICCI event

Dec 14, 2017 - 17:43 (IST)

Congress leader Jyotiraditya Scindia also addressed the meeting

Dec 14, 2017 - 17:41 (IST)

Some key points of Arun Jaitley's speech

Rationalisation of tax rates in a non-compliance society is much more challenging. There are important tasks ahead that we look at ahead in next year. Fixing the banks, strengthening the public sectors banks remains one of the important agenda of the Narendra Modi government. The SME sector needs to be strengthened. Banks' lending capacity constrained due to large amount of NPAs. Less amount of lending affetced SME sector. Aviation sector has turned into an important success story. Expansion of UDAN scheme is further going. 

Dec 14, 2017 - 17:31 (IST)

'India has entered an era of reasonable political stability'

I think India has entered an era of reasonable political stability, finance minsiter Arun Jaitley at FICCI event.

Dec 14, 2017 - 17:29 (IST)

Dec 14, 2017 - 17:28 (IST)

Dec 14, 2017 - 17:24 (IST)

Dec 14, 2017 - 17:22 (IST)

The SME sector has been at the receivig end over past few years as lending capacity of lenders has gone down, says Arun Jaitley. The Finance Minister said aviation sector has seen a progress over past few years.

Dec 14, 2017 - 15:18 (IST)

Dec 14, 2017 - 15:11 (IST)

Sushil Modi listed out GST Council's aim

Like Haseeb Drabu, Bihar deputy chief minister Sushil Kumar Modi also hinted at some major reforms were on the anvil on the GST front. He told the audience that government's intentions with regard to the new indirect tax systm were very clear. Modi has been heading a sub-committee formed under GST to look into the problem of technical glitches in filing of tax returns.

According to Modi following are GST Council's aims:

• To reduce the number of GST slabs

• To bring electricity, petroleum and real estate with GST ambit.

Prime Minister Narendra Modi will address the doyens of Indian industry here on Wednesday at the Annual General Meeting of Ficci, his first address to an AGM of a national business association after becoming the premier. "After the inaugural session, Modi will interact with all the past presidents of Ficci," said the chamber.

FICCI celebrates 90th year India has entered an era of reasonable political stability says Arun Jaitley

Arun Jaitley. PTI

At this year's AGM, Ficci President Pankaj Patel (Chairman and MD, Zydus Cadila) will step down and Rashesh Shah (Chairman and CEO, Edelweiss Group) will take charge.

The AGM, with the theme 'Indian Business in a New India', will also be addressed by Finance Minister Arun Jaitley and Defence Minister Nirmala Sitharaman on 14 December. Senior Congress leader Jyotiraditya Scindia will also address a special session.

Four state finance ministers Sushil Modi, also the deputy chief minister of Bihar; Amit Mitra of West Bengal, Thomas Isaac of Kerala and Haseeb Drabu of Jammu & Kashmir will talk about GST, which was ushered in the country on July 1.

In a statement, Ficci said it is India's oldest and largest business chamber with membership across the country and all sectors of the economy. Ficci was launched in 1927 on the advice of Mahatma Gandhi to industry leaders Ghanshyam Das Birla and JRD Tata.

(With inputs from agencies)

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