Jaitley died at the All India Institute of Medical Sciences (AIIMS) in New Delhi on Saturday afternoon after battling multiple health issues for the last several months. He was 66. He was admitted there on August 9. "I cannot imagine that I am here in Bahrain while my dear friend Arun Jaitley is no more. Some days ago, we lost our former Defence Minister Behen Sushma Ji. Today my dearfriend Arun went away," Prime Minister Modi said.
Addressing the Indian community at the National Stadium here, Modi became emotional while recalling his decades-old friendship with Jaitley. "At a time at a time when people are celebrating janmashtami, I am mourning the death of my friend Arun," Modi said, amid silence in the audience.
The prime minister said he was bound by his duty on one side and on one side his heart was full of emotions.
The veteran BJP leader served as Finance Minister in Prime Minister Narendra Modi's previous Cabinet from 2014 to 2018. He was also the Leader of Opposition in the Rajya Sabha from 2009 to 2014.
During his stint in the Finance Ministry, Jaitley was instrumental in implementing the Goods and Service Tax (GST) aimed at streamlining India's indirect tax structure. It was also during his tenure that the controversial decision of demonetisation was taken.
Jaitley will be cremated on Sunday at the Nigambodh Ghat at 2 p.m. His body was shifted to his home in Kailash Colony where leaders cutting across the political spectrum arrived to pay their tributes. It will be shifted to the BJP headquarters at 10 a.m. on Sunday for people to pay their tributes.
Delhi Police barricaded the area around his house in view of the expected increase in VVIP and VIP movement.
Among those who arrived at the house to pay their last respects were Union Home Minister Amit Shah, Union Minister Ram Vilas Paswan, MP Hans Raj Hans and Leader of Opposition in the Delhi Assembly Vijendra Gupta.
Lok Sabha Speaker Om Birla, Union ministers Nirmala Sitharaman, Smriti Irani, Hardeep Puri, Jitender Singh, Anurag Thakur, and BJP leaders Rajyavardhan Singh Rathore, Manoj Tiwari, and Ramesh Bidhuri were among those who rushed to AIIMS after hearing the news of Jaitley's demise.
Condolences poured in for Jaitley who was one of Prime Minister Modi's most trusted colleagues and an accomplished lawyer.
President Ram Nath Kovind said that Jaitley's death leaves a huge void in the intellectual ecosystem.
"A brilliant lawyer, a seasoned parliamentarian, and a distinguished minister, he contributed immensely to nation building," Kovind tweeted.
Vice President M. Venkaiah Naidu said Jaitley's death is an irreparable loss to the nation.
Naidu, who was to leave from Chennai to Nellore in Andhra Pradesh, cut short his visit and is returning to Delhi.
Prime Minister Modi, who is in the UAE, said he has lost a valued friend and that the BJP and Jaitley shared an unbreakable bond.
"BJP and Arun Jaitley ji had an unbreakable bond. As a fiery student leader, he was at the forefront of protecting our democracy during the Emergency. He became a much liked face of our party who could articulate the party programmes and ideology to a wide spectrum of society."
"I have lost a valued friend whom I have had the honour of knowing for decades. His insight on issues and nuanced understanding of matters had very few parallels. He lived well, leaving us all with innumerable happy memories. We will miss him!" Modi said.
Union Home Minister Shah described it as a personal loss and recalled Jaitley's contribution during Modi's first term (2014-19) in making India the world's fastest growing economy.
Union Finance Minister Sitharaman paid rich tributes to her predecessor Jaitley, describing him as a mentor with matchless astuteness.
"No words can describe the loss of Shri @arunjaitley. A mentor to many of us, a guide and a moral support and strength. Have learnt so much from him. A fine large-hearted person. Always ready to help anyone/everyone. His intelligence, sagacity, astuteness have no match," she said in a tweet.
(With inputs from agencies)