Finance minister Nirmala Sitharaman on Friday said she would appreciate it if the Reserve Bank of India works together with stakeholders and takes a call keeping growth in mind. She said when it comes to direct taxation reforms, ease of the taxpayers’ facilitation has to be improved.
In an exclusive interview with Network18 Group editor-in-chief Rahul Joshi, Sitharaman said India’s central bank has been steady and she is hopeful that it will continue to be so.
“Well, the RBI does take its own call but I will appreciate it if we work together with stakeholders and they take a call keeping growth in mind; they’ve been steady. I suppose they’ll continue to be steady, is my expectation and hope,” she said when asked if the RBI should loosen up.
‘Govt very enthusiastic about fintech’
The RBI recently imposed restrictions on the operations of PayTM Payments bank, which can be seen as a caution sign for the fintech industry. But, the finance minister avoided commenting on any particular company and said the central government is highly enthusiastic about the sector.
“I don’t want to comment on any one particular company. But, fintech is an area all of us are very enthusiastic about. India has contributed a lot in this sector, which has been globally recognised. Today, if people are looking at solutions, especially fintech solutions, they are looking towards India. Our youth has contributed a lot; this is an area where we’ll certainly like to work and encourage,” she said.
‘Direct taxation reforms steady job in pipeline’
Expanding on the Centre’s progress with direct taxation reforms, Sitharaman said it is a steady job in the pipeline. She said there needs to be more work on the taxation regime front, especially when it comes to customer service.
“Well, the direct taxation reforms are a steady job in the pipeline and some results come out and more work is happening. So, direct taxation is something on which ease of the taxpayers’ facilitation has to be improved. One of the ‘serving the customer better business in the taxation’ regime happened yesterday, but more work can always be done,” she said.
While presenting the interim budget on Thursday (February 1), the minister gave relief to the common man from disputed small tax demands of up to Rs 25,000 but proposed no changes in income tax rates for individuals and corporates, as well as customs duty.
(With PTI inputs)
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