FM Nirmala Sitharaman defends tax regime, calls on academics to apply for more patents

Finance minister Nirmala Sitharaman On Tuesday he defended the existence taxes regime, highlighting that the pressure of facing several challenges and pressing spending requirements, including for Research and developmentare preventing the government from reducing tax rates.

The Minister called on academic Request more and more patents harness the commercial value of such knowledge while benefiting society as a whole.

She was speaking at a convocation ceremony of the Indian Institute of Scientific Education and Research in Bhopal. “There are times when being the finance minister doesn’t motivate me when I have to answer people about why our taxes are like this. Why can’t we go lower than this?” she said.

“I would like to be able to reduce it to almost zero, but India’s challenges are serious and will have to be overcome,” the finance minister said. She said the requirement of resources It is so serious that the government is forced to keep taxes at a certain level.

India, he said, is shifting from fossil fuels to renewable energy on its own and using its own money. “If we cannot afford to wait for money to come from somewhere else, we have to look for innovation” that will allow the country to make the most of the available resources, he said.

In search of more patentsRegarding patents, the minister said: “It is important that you (academics) seek patents and allow your patented formula to be commercialized and made available to society. Therefore, it is important that we promote science for science’s sake as much as science for society’s sake.” The government, she stressed, has invested heavily in Scientific research“The government is simply not talking. It is investing money in R&D, money that is obtained through taxes,” he said.