Responding to allegations of policy shifts, Sitharaman refuted claims that the current administration is a “180-degree government”. She said, “We will go ahead with bold reforms,” stressing that the government has not backtracked on any key policy announcements.
Among the significant advances he highlighted was the evolution of the debate on pensions, with the Unified Pension System (UPS) now replacing the Old Pension System (OPS), and the discourse on the New Pension System (NPS).
“Public employee union federations have welcomed the UPS, which is a crucial reform that is expected to have an impact on government finances over the next 20 years,” he said.
On the economic front, Sitharaman highlighted the success of the Vishwakarma Yojana, which has enrolled 22 million beneficiaries, and announced that the budget includes five skills and employment schemes that will benefit 10 million people over the next five years.
For MSMEs, he outlined eight reform measures, including provisions for collateral-free loans, that address their long-standing concerns about access to credit.
Sitharaman also clarified that the amendments to the budget and the bills have been made based on public feedback, which highlights the responsiveness of the government. She mentioned that changes have been introduced in the indexation of long-term capital gains (LTCG) tax to give taxpayers the option to choose between LTCG with or without indexation on property.
Despite operating as a coalition government, Sitharaman reaffirmed that the Finance Ministry has remained true to its commitments without backtracking, ensuring that reforms and initiatives are implemented coherently and keeping in mind the public interest.
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