“Indian industry is deeply shocked and saddened by the untimely passing of Mr Arun Jaitley, who is counted among the outstanding leaders in the country’s history. A true reformer and keen advocate for economic liberalisation, he leaves behind an impressive policy imprint that will continue to bring notable gains to the Indian economy for all times to come,” said Mr Vikram Kirloskar, President, Confederation of Indian Industry (CII) in a statement.
A huge setback for the nation, Mr Jaitley’s demise comes as a shock to industry. During his various terms as minister over the years, Mr Jaitley was always a close and warm friend of Indian industry, passionately committed to improving the regulatory climate for doing business. As Minister of Finance and Corporate Affairs during 2014-2019, he personally laid the foundation for landmark reforms and greatly strengthened macroeconomic fundamentals.
Under his visionary leadership, India’s fiscal deficit was reined in and inflation was addressed proactively with significant positives for the economy. These structural measures helped in opening up the space for private sector investments and boost GDP growth.
The introduction of the Goods and Services Tax (GST) under his leadership of the empowered committee represented a historic transformation of India’s indirect tax system. GST has stabilized and streamlined tax payments and is an outstanding success within two years. Equally, the Insolvency and Bankruptcy Code, financial sector policies, and amendments to the regulatory systems added immensely to the economic framework.
Always attuned to industry concerns, Mr Jaitley gave a patient hearing to businesses with a solution oriented approach. He particularly reassured overseas investors and was a brand ambassador for the strong India development story.
CII was privileged to have greatly benefited from his guidance and constructive advice for decades. As Minister of Commerce and Industry and Law and Justice, he associated closely with CII for positioning India as an attractive investment destination. During his tenure as Leader of the Opposition in the Rajya Sabha, Mr Jaitley participated in the CII Annual Meeting each year, and shared his cogent and strategic views on the state of the Indian economy. As Minister of Finance and Corporate Affairs, he was ever ready to interact on the CII platform and addressed us on numerous occasions, providing guidance on the future strategies of the Government.
CII will deeply miss his tall leadership to the country as a political and economic beacon. As a strategic and visionary thinker, a person of immense capacity for hard work, and above all, a warm and ebullient human being, Mr Jaitley will always be remembered as an exceptional leader of the nation. CII offers its heartfelt condolences to his family on this sad occasion.
24 August 2019
New Delhi