FM Nirmala Sitharaman Wishes she could Reduce Taxes to Nil

Union Finance Minister Nirmala Sitharaman said on Tuesday that she wanted taxes to be reduced to nearly nothing, but India's difficulties were significant and needed to be addressed. Sitharaman, who emphasized the importance of funding research and development, stated that her goal as finance minister was to generate money rather than to cause problems for people.

She was speaking during the 11th convocation ceremony at the Indian Institute of Science Education and Research in Bhopal. The finance minister was speaking in the context of India needing to spend its own money to fulfill its commitment to energy transformation, while funding promised by "the world" were yet to arrive.

Sitharaman stated that India cannot afford to wait for funds that would arrive from elsewhere.  "India did not wait. The pledges made in Paris (Paris Agreement) were fulfilled using our own money. Being the finance minister does not always motivate me when I have to explain why our taxes are the way they are. Why can't we be any lower than this?" FM asked.

Sitharaman urged IISER students to come up with new methods to assist India develop towards 'Viksit Bharat' and propose rapid solutions for climate change, saying, "My job is generating revenue, but not troubling people, I assure you."

The minister emphasized that tax revenue is used to finance national research and development. She used the Anusandhan Kosh plan, which was launched in the interim budget for long-term funding in sunrise industries, as an example. Sitharaman asked students to develop ways for storing renewable energy.

Nirmala stated, "To comprehend India's difficulties, I desire a highly educated audience that includes grads and PhD holders. I have used renewable energy and global energy as examples of sustainable energy sources for a developing country like India."

While discussing India's progress in space research and the speedy deployment of 5G spectrum in the country, the finance minister recognized that Bharat Sanchar Nigam Limited (BSNL) is still working on deploying 4G. Sitharaman did, however, say that they will get over it. 

"We've provided them adequate help and support. They will quickly adopt 5G as India's 5G is entirely homegrown. We did not obtain the technology from elsewhere. It is done by folks like you. I believe it is a significant development for India," the FM remarked.