Union Finance Minister Nirmala Sitharaman expressed a desire to reduce taxes to nearly zero but acknowledged that India faces significant challenges that must be addressed. Highlighting the importance of funding research and development, Sitharaman clarified that her role as Finance Minister involves generating revenue and not causing difficulties for the public.
She made these remarks during the 11th convocation ceremony at the Indian Institute of Science Education and Research (IISER) Bhopal on Tuesday, reported Business Standard. The finance minister was addressing the need for India to use its own resources to meet its energy transition commitments, as the promised international funds have yet to materialise.
FM Sitharaman stated that India cannot afford to wait for external funding to arrive. “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 encouraging the IISER students to develop innovative solutions to move India towards the 'Viksit Bharat' mission and accelerate climate transition, Sitharaman remarked, “My job is generating revenue, but not troubling people, I assure you.”
The minister stressed that tax revenues are being invested in research and development within the country. She cited initiatives like the Anusandhan Kosh, introduced in the interim budget, which supports long-term financing for emerging sectors. Sitharaman encouraged the students to devise solutions for storing energy generated from renewable sources.
Addressing the graduates and PhD holders, she stated, “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.”