Image Source: hindustantimes.com
Finance Minister Nirmala Sitharaman has expressed a strong desire to reduce income taxes in India but admitted that the country’s current economic challenges make such reductions unlikely in the near term.
Speaking at the graduation ceremony of the Indian Institute of Science Education and Research (IISER) in Bhopal, Sitharaman acknowledged the constraints imposed by the need for substantial funding for research and various national priorities.
Recently criticized for the 2024 Union Budget’s limited tax relief for salaried individuals, Sitharaman emphasized the financial demands of India’s commitments to renewable energy and other developmental goals. She pointed out that India is utilizing its resources to meet international obligations for transitioning to renewable energy, despite unfulfilled promises of financial support from the global community.
Sitharaman encouraged the graduating students to focus on developing and patenting climate-friendly technologies and applying scientific advancements for societal benefit.
While she remains committed to the idea of reducing taxes, the current economic situation and the need for substantial revenue to support these initiatives make significant tax cuts unfeasible at this time.
