‘Wish I could bring down taxes to nil, but India has challenges, govt needs money,’ says FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on August 13 said she wished she could bring down taxes to nil, but India needs the money to face challenges and fund research and development activities, as per a PTI report.

Speaking at the 11th convocation of Indian Institute of Science Education and Research (IISER) in Bhopal, Sitharaman justified the present tax structure, adding that it provides the country with resources to meet needs and challenges.

“There are times when being the finance minister, it doesn't give me motivation when I have to answer people about why our taxes are like this? Why can't we even be lower than this? I wish I can bring it down to almost nil. But India's challenges are severe and challenges will have to be overcome,” she said.

“The government is just not talking. It is putting money in R&D (research and development).. Money that is earned out of taxation. That's my job so I will tell you that. My job is to generate revenue but not troubling people, I will assure that. But, even with that money comes because we also need to fund research,” Sitharaman added.

On Paris Climate Agreement…

She also noted that while the world has “promised a lot of money” towards the goal of transitioning to renewable energy from fossil fuels, that is yet to happen, while India “did not wait”, as per the report.

“But India didn't wait. The promises given in Paris (Paris Agreement) were fulfilled with our own money,” Sitharaman stated.

The finance minister also appealed to scientists to “do more research” on the storage of renewable energy, adding that the government has heavily invested in scientific research.

“I seek a very learned crowd before me graduates, PhD holders, to understand India's challenges. I have taken the example of renewable energy, global energy as one of those sustainable sources of energy for a growing country like India,” she said.

Urging scientists to bring innovations, Sitharaman noted that India is moving from fossil fuel to renewable energy at its own strength and cannot afford to wait for money from elsewhere, PTI report added.

Sitharaman also urged scientists to develop batteries for the storage of the renewable energy as transition from fossil fuel to renewable energy has to be sustainable.

On 5G Tech…

The finance minister also spoke about India's developments in the areas of space research and and the rapid roll out of 5G spectrum across the country and said it was due to the people, as per a Hindustan Times report.

She however noted that BSNL is still grappling with 4G roll-out, adding, “We’ve given them enough assistance and support. They will soon be taking up 5G. We have not borrowed the technology from elsewhere. It's done by people like you. I think it's a big thing for India.”

Also present during the convocation were Madhya Pradesh Chief Minister Mohan Yadav, Bhopal's Lok Sabha MP Alok Sharma and other dignitaries, it said.

(With inputs from PTI)