'... there are challenges to overcome and the country needs money for that.'
Union Finance Minister Nirmala Sitharaman on Tuesday, August 13, 2024, said that she wished the taxes could be brought down to almost nil, but India's challenges were severe and had to be overcome.
Sitharaman, while stressing on the need to fund research and development, said that her job as the finance minister was generating revenue and not troubling people.
She was speaking at the 11th convocation ceremony at the Indian Institute of Science Education and Research, Bhopal.
The FM was speaking in context of India having to spend its own monies to fulfil its commitment for energy transition, since the funds promised by 'the world' was yet to come.
Sitharaman said India cannot afford to wait for money which will come from somewhere else.
"India didn't wait. The promises given in Paris (Paris Agreement) were fulfilled with our own money. There are times when being the finance minister, it doesn't give me motivation when I have to answer people why our taxes are like this. Why can't we even be lower than this?" FM asked.
While urging the students of IISER to come up with innovative ways to help India progress towards 'Viksit Bharat' and offer speedy solutions for climate transition, Sitharaman said, "My job is generating revenue, but not troubling people I assure you."
She stressed that the money being collected through tax is being put into funding for R&D in the country.
She gave the example of schemes such as the Anusandhan Kosh announced in the interim Budget for long term financing in sunrise sectors.
"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."
While talking about the strides India has made in space research and the rapid roll out of 5G spectrum in the country, the finance minister acknowledged that the Bharat Sanchar Nigam Limited is still grappling with launching 4G.
Sitharaman added, however, that they will get over it.
"We've given them enough assistance and support. They will soon be taking up 5G," Sitharaman said, adding that the 5G that India has brought in was completely indigenous.
"We have not borrowed the technology from elsewhere. It's done by people like you. I think it's a big thing for India," the FM said.
Feature Presentation: Aslam Hunani/Rediff.com
