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

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.

I think India has entered an era of reasonable political stability: FM @arunjaitley #FICCIat90 pic.twitter.com/rzZcAH9xxh

— FICCI (@ficci_india) December 14, 2017

Rationalisation of rates in an non-compliant society is always more challenging..

Strengthening of public sector banks is an important agenda of today: FM @arunjaitley #FICCIat90 pic.twitter.com/hEjR1n3LGj

— FICCI (@ficci_india) December 14, 2017

Any structural changes do lead to momentary fall in growth before the curve moves up again. - finance minister @ficci_india AGM pic.twitter.com/E1nt0b2SSf

— jyoti vij (@jvij1967) December 14, 2017

India at 2017 really has seen more structural changes than anytime in history: FM @arunjaitley #FICCIat90 pic.twitter.com/z4vPTxyqjT

— FICCI (@ficci_india) December 14, 2017

Finance Minister Arun Jaitley speaks at FICCI event

FM @arunjaitley addresses business leaders at @FICCI_India's 90th Annual General Meeting. https://t.co/XUnhZDKV4G

— NDTV Profit (@NDTVProfitIndia) December 14, 2017

Target is to reduce tax slabs and bring electricity, petroleum and electricity into the GST ambit - Sushil Modi @ficci_india AGM

— jyoti vij (@jvij1967) December 14, 2017

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.

Our aim over coming months is to:

• Reduce the number of #GST slabs

• Bring electricity, petroleum & real estate with GST ambit

: @SushilModi #FICCIat90 pic.twitter.com/y7QMjZOT0W

— FICCI (@ficci_india) December 14, 2017

‘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.

Anti profiteering clause is significant for ensuring the passage of benefits to consumers: Shri @SushilModi #FICCIat90 #GST pic.twitter.com/6V02KjNHgb

— FICCI (@ficci_india) December 14, 2017

Bihar deputy CM Sushil Modi also spoke

Sorting out 37 different tax jurisdictions; 16 different tax levies makes #GST a Herculean & an unprecedented task: Shri @SushilModi #FICCIat90 pic.twitter.com/P95KLp5zMG

— FICCI (@ficci_india) December 14, 2017

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.

Don’t judge the system just yet; give it a couple of more months: Mr Haseeb Drabu #FICCIat90 #GST pic.twitter.com/i26sJSEpXv

— FICCI (@ficci_india) December 14, 2017

@GST_Council apprediate hasseb drabu and others for wonderful GST session on @ficci_india pic.twitter.com/ExMkYkrDk3

— Sanjay Punjabi (@imagenshape) December 14, 2017

300 crores invoices will have to be up-linked / month. SMEs aren’t able to file; my estimate is that production has gone down approximately 40%: Dr Amit Mitra #FICCIat90 #GST pic.twitter.com/5rvKKRAfzz

— FICCI (@ficci_india) December 14, 2017

There’s a shortfall of 39111 crores in revenue protection for states: Dr Amit Mitra #FICCIat90 pic.twitter.com/6HAD5jWHXx

— FICCI (@ficci_india) December 14, 2017

Business chambers must oppose the provision of arrest. FIR, yes; follow the judicial process, but no arrest: Dr Amit Mitra #FICCIat90 #GST pic.twitter.com/j91df6osvo

— FICCI (@ficci_india) December 14, 2017

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

GST Council hails Haseeb Drabu and other members for talking about the new tax

@GST_Council apprediate hasseb drabu and others for wonderful GST session on @ficci_india pic.twitter.com/ExMkYkrDk3

— Sanjay Punjabi (@imagenshape) December 14, 2017

Do we need a redesign to allow some form of Input Tax Credit (to help SME)?

MRP & GST don’t go together

: Mr Haseeb Drabu #FICCIat90 pic.twitter.com/JySnRP6oeg

— 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.

Biggest gain of #GST is that it is India’s first & genuine federal system. We have federalised our economy is major way with GST: Hon’ble Minister Haseeb A Drabu #FICCIat90 pic.twitter.com/cWWniUd7nX

— FICCI (@ficci_india) December 14, 2017

At @ficci_india, @SushilModi has given a deep & compelling account on three core advantages of #GST, viz, simplification, simplification, simplification.

Also, an unequivocal thumbs up to @Infosys. Good.#FICCIat90 pic.twitter.com/qYupLcAje9

— Rohit Bansal 🇮🇳 (@theRohitBansal) December 14, 2017

JK FinMin Dr Haseeb Drabu shortly to address Annual General Meeting (AGM) of FICCI at New Delhi. For live webcast click: https://t.co/9YNxDhuvLR pic.twitter.com/WeaiFQulxg

— Information & PR, J&K (@diprjk) December 14, 2017

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).

‘People are fed up of corruption, black money’

#BREAKING | People are fed up with corruption, black money. They have high hopes from the government: Prime Minister Modi pic.twitter.com/o8Zz8gmWGr

— News18 (@CNNnews18) December 13, 2017

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.

#WATCH LIVE: PM Modi at FICCI's 90th Annual General Meeting, in Delhi https://t.co/5a0Jp3QtBV

— ANI (@ANI) December 13, 2017

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

Live webcast of PM @narendramodi’s address at our 90th AGM will be available at https://t.co/CDjFPFJSxQ

— FICCI (@ficci_india) December 13, 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.

Mahatma Gandhi had hailed Ficci as a common platform for all the businesses

Mahatma to industry at FICCI:

Your chamber is celebrating its 90th year. Here's reminiscing key moments from our journey. #FICCIat90 pic.twitter.com/Tg1bByWbeF

— FICCI (@ficci_india) April 16, 2017

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