Narendra Modi at FICCI AGM: HIGHLIGHTS: Prime Minister Narendra Modi addressed the hotshots of Indian Industry at the Annual General Meeting of Federation of Indian Chambers of Commerce and Industry (FICCI). This is PM Modi's first address to the AGM of FICCI. FICCI, in a statement, wrote, "After the inaugural session, Modi will interact with all the past presidents of FICCI." FICCI's current President Pankaj Patel, the Chairman & MD, Zydus Cadila stepped down from the post. Rashesh Shah, the Chairman & CEOiEdelweiss Group took charge to the association. The theme for this year's AGM is 'Indian Business in a New India'. On December 14, the event will be addressed by Finance Minister Arun Jaitley and Defence Minister Nirmala Sitharaman. From the opposition, the Senior Congress leader Jyotiraditya Scindia will also address a special session at the FICCI AGM. FICCI was formed in 1927 on the advice of Mahatma Gandhi to industry leaders Ghanshyam Das Birla and JRD Tata. This is the 90th Annual General Meeting of FICCI. Here are the updates of PM Modi's speech at FICCI AGM: 5.10 PM: Standing ovation for Prime Minister Narendra Modi at FICCI AGM. 5.05 PM: The government is working on this goal that till 2022 the poor of the country have their own house. Millions of homes are being constructed for this. Manpower is being mobilized locally to build houses. Luggage looks in the construction of houses, it is coming from the local market: PM Modi 5.00 PM: Every Indian wants to own a home and the Govt is keen to fulfil this; manpower and materials are already being mobilized for this, in the making of New India, institutions like\u00a0FICCI have a significant role to play in shaping the country's future across sectors: PM Modi 4.56 PM: "Rumors regarding FRDI are being wrongly circulated even as the Govt is working towards protecting interest and rights of depositors; this is where the contribution of institutions like FICCI is very important to dispel such rumors," said PM Modi at FICCI AGM. 4.55 PM: "In the last 3 years, in 21 sectors which government made 87 reforms? Defence, Financial and Food Processing are to name a few sectors where reforms were made by this government," said PM Modi. 4.54 PM: "We did away with so many outdated laws in this country. One law stated bamboo is grass, another law stated that bamboo is a tree; if you want to make money, grasswala kanoon and if you want to send someone to jail, use treewala kanoon," said PM Modi. 4.52 PM: Rumors regarding FRDI are being spread. Govt is working towards protecting interest and rights of depositors but rumors being spread are totally opposite. Contribution of institutions like FICCI important to dispel such rumors: PM Modi in Delhi 4.49 PM: "FICCI can contribute greatly to initiatives like Startup India, another initiative is the e-Marketplace (GeM) which enables even the smallest manufacturers to directly sell to the government," said PM Modi. 4.48 PM: "System needs to be made more formal so that it benefits the poor & the small traders, who can then approach banks for easy credit; logistics costs also come down," said PM Modi. 4.44 PM: "Under Mudra scheme, over Rs 4 lakh crore in loans given without guarantees to about 9.75 lakh youth for business," said PM Modi 4.43 PM: "We are striving to change the system so that it benefits traders. Government is working very hard to resolve NPA crisis and take steps to strengthen the banking system - can FICCI contribute by creating awareness on these issues like GST: PM Modi at\u00a0FICCI AGM 4.41 PM: "Commonwealth, 2G, Coal scam were all under UPA government,' PM Modi. 4.39 PM: "Loans amounting to crores were given to few Industrialists only," PM Modi. 4.38 PM: "Banking system under UPA government was in a poor condition," said PM Modi at FICCI AGM. 4.37 PM: PM Modi lashed out at the UPA government for creating NPAs. He said, "NPAs created by the UPA government." 4.35PM: "Government is with the youth of the country," said PM Modi. 4.34 PM: "People have high hopes from the government," said PM Modi 4.33 PM: "loans provided to 9.65 crore people," said PM Modi at FICCI AGM. 4.32 PM: "Jan Dhan Yojana was a boon for the common man," PM Modi at FICCI AGM. 4.32 PM: "We are working towards building a transparent system," said PM Modi 4.31 PM: "I have come from Poverty that has taught me a lot," PM Modi at FICCI AGM. 4.30 PM: "Over 5 crore\u00a0toilets under Swachh Bharat Abhiyan," said PM Modi. 4.28 PM: Inflation has come down under our government says PM Modi. 4.26 PM: "Our government is a transparent government which is free\u00a0of corruption," PM Modi at FICCI AGM. 4.25 PM: "People are fed up with corruption," says PM Modi 4.24 PM: Black Money issue bothers India says, PM Modi. 4.23 PM: PM Modi remembers the year of 1927, when Simon Commission was in India, and when Mahatma Gandhi asked to form FICCI. 4.22 PM: PM Modi congratulates, FICCI on 90th anniversary. 4.20 PM: PM Modi starts his speech at FICCI AGM. 4.18 PM: FICCI President Pankaj Patel said, "FICCI has four major pillars to support the 'New India': 1. Development for all. 2. India free of hunger. 3. Communalism and Terrorism free India. 4. India leading the power among the nations. 4.15 PM: "FICCI whole-heartedly supports your goal of New India for the year 2022," FICCI President, Pankaj Patel. 4.13 PM:\u00a0"Under your leadership, we\u00a0have reached new heights, we wish you should guide us to a better future," FICCI president Pankaj Patel. 4.10 PM: Pankaj Patel lauds PM Modi's efforts in the Indian economy. 4.05 PM: FICCI's current President Pankaj Patel addresses the FICCI AGM. 4.00 PM: PM Modi arrives at the 90th AGM of FICCI.