Finance Minister Nirmala Sitharaman Defends Taxation to Fund Vital R&D Initiatives

Union Finance Minister Nirmala Sitharaman defended the current taxation regime, emphasizing the need for resources to address national challenges and to fund research and development. She urged scientists to innovate in renewable energy storage, highlighting India's strides in transitioning away from fossil fuels despite financial constraints.

Union Finance Minister Nirmala Sitharaman on Tuesday defended the current taxation regime, asserting that the country requires resources to confront national challenges and fund research and development. Sitharaman addressed the 11th convocation of the Indian Institute of Science Education and Research (IISER) in Bhopal, appealing to the scientific community to intensify their research efforts on renewable energy storage.

Sitharaman noted that while global promises of financial aid for transitioning from fossil fuels to renewable energy remain unmet, India has fulfilled its commitments under the Paris Agreement independently. She expressed a desire to lower taxes but emphasized the severe challenges India faces. The government is heavily investing in scientific research, she said, underlining that tax revenues are crucial for such investments.

The Finance Minister urged scientists to develop efficient batteries for renewable energy storage, aiming for a sustainable energy transition. She assured that the government is committed to funding vital R&D through taxation without excessively burdening the populace. The event also saw participation from Madhya Pradesh Chief Minister Mohan Yadav and other dignitaries.

(With inputs from agencies.)