Finance Minister Arun Jaitley speaks at FICCI event
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.
'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.
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.
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.
'Anti-profiteering law will ensure benefits for consumers'
Bihar deputy chief minister Sushil Kumar Modi said the anti-profiteering clause is significant for ensuring the passage of benefits to consumers:
He also informed the gathering that the GST Council was sorting out 37 different tax jurisdictions. He added 16 different tax levies make GST a Herculean and an unprecedented task.
Don’t judge the (GST) system just yet, Haseeb Drabu
The Jammu and Kashmir finance minister Haseeb Drabu while speaking at the FICCI event said that it was too early to pass judgements on the Goods and Services Tax regime. GST was introduced on 1 July as a nationwide, single sales tax. "Don’t judge the system just yet, give it a couple of more months, Drabu said.
Drabu also told the audience that the GST Council was working out the details for including petroleum products under the GST ambit. Earlier, it was decided that for initial few months the GST Council will not incorporate petroleum priducts under GST regime as they were big revenue generators for states. As of now, states levy excise and VAT on petrol and diesel as well as petroleum products.
Amit Mitra gives numbers on tax collections
West Bengal finance minister Amit Mitra who is also a member of the GST Council gave statistics on total tax collections. According to Mitra there was not a full transparency on GST as of now. What he meant was there will be more clarity after a few more months. "October collection at Rs 83,346 crores was significantly down from September, which was Rs 95,131 crore," Mitra informed the participants.
There isn’t full transparency on #GST. October collection at 83346 crores is significantly down from September, which stands at 95131 crores: Dr Amit Mitra, Hon’ble Minister #FICCIat90 pic.twitter.com/h8AV4SX0js— FICCI (@ficci_india) December 14, 2017
Jammu & Kashmir finance minister Haseb Drabu speaks
Jammu & Kashmir Finance Minister Haseeb Drabu spoke at the FICCI event on second day. He said biggest gain of GST is that it is India’s first and genuine federal system. "We have federalised our economy is major way with GST," he told the audience.
At @ficci_india, @SushilModi has given a deep & compelling account on three core advantages of #GST, viz, simplification, simplification, simplification.— Rohit Bansal 🇮🇳 (@theRohitBansal) December 14, 2017
Also, an unequivocal thumbs up to @Infosys. Good.#FICCIat90 pic.twitter.com/qYupLcAje9
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).
Interestingly this was the first speech by Prime Minister Narendra Modi after campaigning for the Gujarat assembly election got over. Modi is first time speaking at an event organised by the industry body Ficci.
UPA destroyed banks, says Narendra Modi
Narendra Modi used the Ficci event to attack the Congress party. He blamed Congress party for large NPAs. He added UPA created the bad loans. As per some estimates, India has amassed Rs 10 lakh crore bad loans for over a period of time. He also alleged UPA looted public money.
Narendra Modi congratulates Ficci for completing 90 years
Prime Minister Narendra Modi congratulated Ficci for completing 90 years of its establishment. The Ficci was set in 1927 which was a time when Simon Commission was sent to Inida, Modi said.
At that time, the common man some 90 years ago knew their social responsibilites. The time has come once again when the people of this country should realise their responsibilities now.
'Even after 70 years poor has been fighting with the system'
Even after 70 years of independence, the common man always has been at loggerheads with the system. The poor has to struggle for getting small benefits. Right form opening a bank account to availing LPG connection, the poor had to run from hear and there. He says his government has worked towards ending these hurdles.
Narendra Modi lists out his government's initiatives
Prime Minister says some systemic hurdles prevented the common man from availing government benefits like buying LPG cylinders. He says his government worked towards eliminating those hurdles. He also pointed out the change the Jan Dan Yojana brought into the entire banking system.
Narendra Modi pays tribute to martyrs of Parliament attack
Earlier in the day, prime minister Narendra Modi lauded sacrifices made by India's armed forces during Parliament attack on 13 December, 2001. Modi said the lives laid down by these soldiers will not be forgotten.
We pay homage to those who laid down their lives protecting the temple of our democracy on 13th December 2001. Their sacrifices will never be forgotten. pic.twitter.com/Fn4RYDvqxL— Narendra Modi (@narendramodi) December 13, 2017
The Ficci event comes close on the heels of Gujarat elections
The 90th annual ageneral meeting of the industry body Ficci comes close on the heels of assembly elctions in Gujarat. The state which has 182 memebr in assembly is known as prime minister Narednra Modi's home state. It is one of the few states in India that do not have an upper house of legislature.
I am devoting my life for the betterment of crores of people of Gujarat and India. Have been fortunate to always get your blessings. I am sure you will continue to bless us in these elections too by voting for BJP.— Narendra Modi (@narendramodi) December 12, 2017
This year's Ficci AGM holds significance
The event is going to be a unique address for prime minister Narendra Modi as he would be addressing first gathering organised by Indian industries since he took charge in May 2014. The programme is happening in the backdrop of sluggish economic growth. Private investment activities have continued to fall. The government wants to put an end to the slowdown and is keen to reverse the down trend. The Modi government also struggling to help generate more number of jobs in country. The rate of generation of new jobs has been abysmally low for past three years.
Ficci confirms Narendra Modi's address in a statement
“The 90th AGM of FICCI will be held on December 13-14, 2017, in New Delhi...and will be inaugurated by Shri Narendra Modi, the Hon’ble Prime Minister of India,” FICCI said in a statement. It has been reported that Ficci had been trying to get Narendra Modi talk at the event since he became prime minister. The industry body failed to do so in the past as Modi had been busy.
Narendra Modi to address his first Ficci event
Prime Minister Narendra Modi on Wednesday morning said in a tweet that he will be addressing a event organised by the Federation of Indian Chmabers of Commerce and Industry or FICCI. This is going to be Modi's first talk at Ficci. Eevry yeat Ficci organises its annualgeneral meeting that is attended by business leaders in the country.
Will be addressing the @ficci_india AGM at 4 PM today.— Narendra Modi (@narendramodi) December 13, 2017
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.
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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Updated Date: Dec 14, 2017 18:26 PM
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