Amid concerns over high taxes, Finance Minister Nirmala Sitharaman on Tuesday expressed her desire to reduce taxes to nearly zero but emphasized that India’s current challenges necessitate the need for revenue to support the country’s growth and development.
Speaking at the convocation ceremony at the Indian Institute of Science Education and Research (IISER) in Bhopal, Sitharaman said, “There are times when, as Finance Minister, I’m not particularly motivated when I have to explain why our taxes are structured the way they are. I wish I could lower them to almost nothing. But the reality is that India faces significant challenges that must be addressed.”
She stressed that while lower taxes would be ideal, they are not feasible because the nation requires capital to operate efficiently. Sitharaman also called on scientists to focus on research in renewable energy and its storage, highlighting its importance for a growing country like India and for achieving a sustainable green transition.
Commenting on the global commitments to the green transition, she pointed out that while developed countries had promised significant financial support for the shift from fossil fuels to renewable energy, those funds have yet to materialize. “The promises made during the Paris Agreement were fulfilled using our own resources,” she noted.
