Govt needs money to meet challenges, fund R&D, says Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday justified the present taxation regime saying that the country needs resources to meet the challenges facing the nation and also to fund research and development activitiesSitharaman was addressing the 11th convocation of Indian Institute of Science Education and Research IISER in BhopalWhile appealing to the scientist community to do more research on the storage of renewable energy Sitharaman said the world has promised a lot of money towards transitioning from fossil fuel to renewable energy but that money is yet to comeBut India didnt wait The promises given in Paris Paris Agreement were fulfilled with our own money There are times when being the finance minister it doesnt give me motivation when I have to answer people about why our taxes are like this Why cant we even be lower than this I wish I can bring it down to almost nilBut Indias challenges are severe and challenges will have to be overcome the finance minister saidShe said the government has heavily invested in scientific researchI seek a very learned crowd before me graduates PhD holders to understand Indias 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 she saidWhile urging scientists to come up with innovations she said that India is moving from fossil fuel to renewable energy at its own strength as the country cannot afford to wait for money from somewhere elseSitharaman also urged scientists to develop batteries for the storage of the renewable energy as transition from fossil fuel to renewable energy has to be sustainableThe government is just not talking It is putting money in RampD research and development Money that is earned out of taxation Thats my job so I will tell you that My job is to generate revenue but not troubling people I will assure that But even with that money comes because we also need to fund researchSitharaman said while seeking a reply from the gathering that should there be more money for researchMadhya Pradesh Chief Minister Mohan Yadav Bhopals Lok Sabha MP Alok Sharma and other dignitaries were present during the convocationThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever