Indian markets are well regulated: Finance Minister Nirmala Sitharaman to Network18

New Delhi: India’s Finance Minister Nirmala Sitharaman on Friday said the India remains well governed with “stable government and well regulated financial market.” In an exclusive interview with Network18 Group Editor Rahul Joshi on Friday (3 January), the finance minister said: “The Indian banking system, at this stage, is today, at comfortable level with their NPAs coming down and recoveries happening. Banks’ position is very sound today. India remains well governed with stable government and well regulated financial market.”

Sitharaman presented the Narendra Modi-led government’s last full budget before the 2024 General Elections. ‘Pressure on RBI to hike interest rates now eased’ The finance minister said, “I expect since the fall in the inflation doesn’t seem to be just a momentary or a one-month affair, it should sustain itself in the process of coming down and therefore there shouldn’t be that much pressure on the central bank to keep the pace of increasing the rates but the MPC will take a call of course.”

Reduced tax rates Sitharaman said that at least 50 per cent can shift to the income tax regime “who will now benefit from reduced rates.” “I belong to the school of thought if taxpayers are left more money in hands because we collect tax he is the best judge where to put his money. He doesn’t need incentive to run his family, or protect ill health and save for future. Why do we want to underestimate citizens?” the finance minister said.

Sitharaman said, “Indian tax system should be seen as not so harsh. Taking away 42.7 per cent tax doesn’t look so good and that is why we reduced it.” Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.