Finance Minister Nirmala Sitharaman defends taxation to fund important R&D initiatives

Union Finance Minister Nirmala Sitharaman on Tuesday defended the current tax system, saying the country needs resources to address national challenges and fund research and development. Sitharaman was addressing the 11th convocation of the Indian Institute of Science Education and Research (IISER) in Bhopal, appealing to the scientific community to intensify research efforts in renewable energy storage.

Sitharaman noted that while global promises of financial assistance to transition from fossil fuels to renewable energy remain unfulfilled, India has fulfilled its commitments under the Paris Agreement independently. She expressed willingness to reduce taxes but highlighted the serious challenges India faces. The government is investing heavily in scientific research, she said, emphasising that tax revenues are crucial for such investments.

The finance minister called on scientists to develop efficient batteries to store renewable energy, in a bid to achieve sustainable energy transformation. She assured that the government is committed to fund critical research and development through taxation without putting undue burden on the people. The event was also attended by Madhya Pradesh Chief Minister Mohan Yadav and other dignitaries.

(Based on information from the agency.)