On August 18, Finance Minister Nirmala Sitharaman celebrates her 64th birthday, marking another milestone in her dynamic career. Known for her proactive approach and interactive leadership style, Nirmala Sitharaman has undertaken various initiatives to drive financial reforms and promote economic growth. Let’s take a look at some of her notable achievements:
- GST Amendments and Tax Reforms: During the monsoon session of the parliament, FM Sitharaman introduced the Central Goods and Services Tax Amendment Bill, proposing significant amendments to GST laws. Notably, this included the introduction of a 28% tax on the total bet value in online gaming, casinos, and horse race clubs. Her efforts to streamline and enhance GST collections demonstrate her commitment to ensuring a robust tax framework.
- GST Council Meeting: The Union cabinet approved legislative changes to implement the GST Council’s decision of imposing a 28% GST on the full value of bets in online gaming, casinos, and horse races. Sitharaman’s active engagement in the GST Council reflects her dedication to optimizing revenue collection and ensuring the smooth functioning of the tax regime.
- Flagship Scheme Focus: Sitharaman has consistently emphasized the importance of regional rural banks (RRBs) focusing on flagship schemes initiated by the Central government. She has encouraged RRBs to promote schemes such as PMJJBY, PMSBY, PM SVANidhi, and more, fostering financial inclusion and social welfare.
- New Income Tax Slabs: One of the significant achievements under Sitharaman’s leadership is the introduction of new income tax slabs, providing relief to the middle-class taxpayers. By proposing an exemption limit of ₹7 lakh under the new tax regime, she aimed to simplify tax calculations and provide flexibility to taxpayers.
- Amalgamation of Public Sector Banks: Sitharaman played a pivotal role in leading the amalgamation of public sector banks, a move approved by the Central government in 2020. This strategic restructuring saw banks like Oriental Bank of Commerce and United Bank of India being merged into Punjab National Bank, bringing efficiencies and synergies to the banking sector.
As FM Sitharaman celebrates her birthday, her achievements underscore her commitment to economic reforms, tax simplification, and financial sector growth. Her dynamic leadership style and dedication to steering the country’s economy on a positive trajectory have left a significant impact on India’s financial landscape.
Through her tenure, Sitharaman has exhibited her determination to address challenges and drive structural changes to benefit both taxpayers and the financial sector. As she continues to contribute to India’s economic progress, her achievements serve as a testament to her proactive and impactful leadership as the Finance Minister of India.