“We have a moral authority to protect those industries that are growing and producing in India,” she explained, highlighting that the measures are aimed at fostering self-reliance rather than restricting trade.
Sitharaman also elaborated on India’s stance on Foreign Direct Investment (FDI), emphasising the need for clarity regarding investment origins.
“We want more FDI, we welcome it, but we also want to be sure about who is bringing that investment,” she said, underscoring the importance of ensuring transparency in foreign capital.
Also read: Patriarchy did not stop Indira Gandhi from becoming PM: Nirmala Sitharaman
On the topic of state funding, Sitharaman rejected claims from Opposition-led states that the Centre is withholding funds. She stated, “To say that the Centre is denying them funds is absolutely baseless,” attributing financial strains to states’ own policies rather than any deficit from the Centre.
Sitharaman further discussed dedollarisation efforts, noting that India is exploring currency exchange options with nations like Russia.
“With Russia, now it is possible to do some give and take in trade in rupee and rouble,” she shared, adding that the government is actively engaging with nations interested in establishing rupee-based trade relationships.
Regarding tax reforms, Sitharaman clarified that Income Tax Act simplifications are in progress, aimed at simplifying language without altering rates. She added, “This work… is just to ensure compliance is not a burden.”
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