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NPA problem of banks a liability handed over by previous governments, says PM Modi

At this year's AGM, FICCI President Pankaj Patel (Chairman & MD, Zydus Cadila) will stepped down and Rashesh Shah (Chairman & CEO, Edelweiss Group) took charge.

Edited by: India TV Business Desk, New Delhi [ Updated: December 13, 2017 17:06 IST ]
Live: PM Narendra Modi addresses India Inc at FICCI AGM in
Live: PM Narendra Modi addresses India Inc at FICCI AGM in New Delhi

Prime Minister Narendra Modi today addressed the Indian Industry at the Annual General Meeting of FICCI, his first address to an AGM of a national business association after becoming the premier. 

At this year's AGM, FICCI President Pankaj Patel (Chairman & MD, Zydus Cadila) will stepped down and Rashesh Shah (Chairman & CEO, Edelweiss Group) took charge.

Highlights: 

# PM Narendra Modi concludes speech, congratulates the FICCI for its 90 years of operation.

# India has reached 100th position from 142nd in just 3 years, when we talk of 'ease of doing business': PM Modi

# We are working on the aviation sector, the transport sector that would allow everyone to afford the luxury of taking an air journey: PM

# No actions were being taken against builders who were not giving possession to buyers even after getting the entire payment. My government is taking measures against such builders so that people who have invested their savings are not duped: PM

# We have taken a decision on something as humble as bamboo. We had different laws saying it was both a tree and a grass. The government has decided that, outside jungle, it would not be called a tree. We import bamboo for agarbattis and kites. Even though we have it here, but it's classified as a tree. With this decision, those companies dependent on bamboo will greatly benefit: PM

# There were many such reasons why we couldn't reach our potential in the last century. There are many reasons why India can now begin a new age: PM Modi 

# Small business will be more competitive in a global scenario. I have been told that FICCI’s MSME vertical was started in 2013. In a 90 year old organisation, the MSME vertical is only 4 years old. The money owed to MSME's by big companies, can that be given quickly? Large amounts are stuck with these big companies: PM 

# We want as many people to join the GST framework… in to the formal system. Not because the govt needs the tax money, but because increased formal systems will allow us to help the poor: PM 

# Through GST, we aim to change the standards that were running from years. We aim to help small and big traders through such reforms and we are working to help them overcome the problems being faced by them: PM

# PM Modi seeks FICCI’s cooperation to implement GST effectively. "GST system can not be implemented in an overnight period." 

# Government is committed to protect the saving of people, but news that are doing the rounds are opposite to this: PM Modi 

# Bank loans to select industrialists was loot of public money under UPA; it is a scam bigger than Commonwealth, 2G, coal scams, says PM 

# NPA problem of banks a liability handed over by previous governments: PM Modi 

# The erstwhile government had pressurised banks to sanction loans to few industrialists: PM Modi

# Around 10 crore people benefitted from Mudra Yojna. Government disbursed loan more than 4 crore without guarantees to run businesses: PM Modi

# More than 5 lakh toilets have been built under Swacch Bharat Abhiyan: PM Modi 

# I have noticed that the poor were not able to get their bank accounts open. Jan Dhan Yojana has helped over 30 crore poor open their bank accounts: PM 

# PM Narendra Modi speaks about Pradhan Mantri Jan Dhan Yojana, highlights the importance of having bank accounts in fighting corruption and providing the benefits of government's welfare schemes to the end people. 

# My government is working tirelessly to address the issue of corruption, says PM Modi 

# People even today are struggling to deal with basic problems… like corruption and black money and are looking forward for ways to get rid of the same: PM Modi

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