Finance Minister Sitharaman Reacts
Finance Minister Nirmala Sitharaman’s reaction to a grievance from a Mumbai broker regarding excessive taxes elicited laughter during a recent event. The individual had implied that the government acted as a “silent partner” for brokers and investors, constantly imposing taxes.
During the “Vision for Indian Finance Markets” event, the broker highlighted that while investors were taking risks with their investments, the government benefited greatly from imposing a substantial tax burden. This comparison brought a smile to the Finance Minister’s face.
The broker highlighted the extensive range of taxes levied on each transaction, such as GST, IGST, stamp duty, STT, and long-term capital gains tax. It was emphasized that the government’s revenue frequently exceeds that of the brokers themselves.
He claimed that the government officials were taking advantage of their positions to line their own pockets, while the broker was simply trying to make an honest living. The man argued that this imbalance of power and wealth was unjust and needed to be addressed immediately. He called for greater transparency and accountability within the government to ensure that all citizens were treated fairly and equally.
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He also noted that investors and brokers often take on significant risks, while the government does not.
He mentioned that he is assuming a significant amount of risk, while the government of India is claiming all the profit. He referred to the other party as his silent partner, with himself being the active partner.
The Finance Minister smiled, causing laughter from the audience, as he remarked, “One cannot expect a silent partner to respond while sitting here.”
Ms Sitharaman highlighted the remarkable progress in infrastructure development under PM Modi’s leadership, characterizing it as exponential and unprecedented. She emphasized the government’s commitment to transforming the nation’s infrastructure landscape. The government has prioritized infrastructure as a key driver of economic growth, making significant investments in sectors like roads, railways, airports, ports, and digital infrastructure. The focus on sustainable and inclusive development has contributed to environmental conservation, employment, and improved quality of life. While acknowledging the progress, Ms Sitharaman reiterated the government’s commitment to further accelerating infrastructure development in the future.
The Finance Minister announced that an impressive 3.74 lakh kilometers of rural roads have been constructed since 2014 through the PM Gram Sadak Yojana, nearly doubling the previous number of rural roads built.
Nirmala Sitharaman further emphasized that the metro rail initiatives have greatly enhanced the quality of life in urban regions through enhanced connectivity, alleviated traffic congestion, and secure transportation.