Nation Wants To Know/ Tax Rebates to Petrol Prices: Sitharaman on 100-Day Report Card of Modi 3.0 | Excerpts

New Delhi: On the 100th day of Prime Minister Narendra Modi 's third term (Modi 3.0), Union Finance Minister Nirmala Sitharaman spoke exclusively with Republic Media Network's Editor-in-Chief Arnab Goswami and discussed key national issues. The conversation touched on coalition politics and the pressing concerns of the middle class. Sitharaman also highlighted major steps taken by the government to support the MSMEs and housing sectors. She underlined the policies and initiatives that aim to strengthen these areas, ensuring economic growth and stability. The interview offered insights into the government's vision for India's future amidst ongoing challenges. 

Here are the excerpts from the biggest interview:

On being asked about the first 100 days of Modi 3.0, Finance Minister Nirmala Sitharaman praised Prime Minister Narendra Modi 's dedication. "PM Modi remains the same. His motivation and commitment to driving transformational change for India are unchanged," she said. Sitharaman dismissed opposition criticism, stating that Modi's leadership continues to inspire confidence, despite the challenges. She emphasized that this is the first time since Nehru’s era that a government has been elected for a third consecutive term. Under Modi's leadership, the focus remains on propelling India forward with renewed energy and vision.

When Arnab posed viewers' questions about why Nirmala Sitharaman seems tough on the middle class and when they might expect relief, particularly regarding high tax rates, the Finance Minister acknowledged their concerns and noted, “I have observed the voice of the middle class.” 

Highlighting government efforts, Sitharaman pointed to measures like faceless compliance and the introduction of a second tax regime with reduced rates in the recent July budget. She also asserted that the removal of the angel tax would benefit startups, while the income tax rebate limit had been increased from ₹50,000 to ₹7.5 lakh, with a strong focus on affordable housing. When pressed further on when the middle class can expect relief, she said, “…every budget we are doing something… Only now if I can say that Arnab, yes, please take my word, I will do something for the middle class.. but I can’t.”

She added, "MSME units...they are also middle class. They did not even have a term loan facility from the banks. They had working capital being given to them. They didn't know how to buy their plant and machinery for the small set-up that they had. We've now given them term loans, for which they don't need to give any security. Govt has backed them up."

When asked Are unemployement figures a matter of concern for u, Sitharaman said," I don't want to argue about the unemployment numbers. On the contrary, the data, which comes from our labour ministry shows that in certain areas, it is coming down. Employment opportunities have gone up." 

Referring to the July Budget , Finance Minister Nirmala Sitharaman mentioned a report presented by the Confederation of Indian Industry (CII), which analyzed skill gaps in various countries. The report mapped the skill sets expected by employers against available jobs. She noted that the CII is now conducting similar mapping within India. "This comprehensive analysis has led to the creation of a five-element package aimed at enhancing the employability of young people. 1 crore people in 5 years are going to benefit from it," the Union Minister said, underlining the government’s focus on bridging the skill gap to meet industry needs and improve employment opportunities for the youth. 

When asked, is there any political pressure on you in this budget? Sitharaman said,"  Every budget has been a challenge. This budget was not any different. We have a pre-electoral alliance; we've all been together in the election. They're all part of the NDA govt. They individually have their problems... in a sense, Bihar needs more development, and Andhra after being divided also has issues. This narrative, which the Opposition tries to build based on their days of coalition doesn't work here."

When asked about the controversy surrounding the Halwa ceremony, Nirmala Sitharaman criticized Rahul Gandhi for "consciously using the caste card to divide the country." She questioned his approach, saying, "Why did he speak about his janeyudhari gotra, using caste for personal benefit, and then raise caste issues?" This was in response to Rahul Gandhi ’s earlier criticism of the Modi government, where he shared a photo from the Halwa ceremony and questioned the absence of Dalit, tribal, and OBC officers. Sitharaman highlighted the inconsistency in Gandhi's rhetoric on caste.

On being queried about the perceived North-South divide and the compromised growth of certain states, Sitharaman said that the government's focus on balanced development across all regions. "We want every state to be developed," she said, highlighting that even states facing slower growth have seen contributions from workers migrating to more prosperous regions. "Their productivity has added to the overall growth." She further noted. 

When asked if petrol prices will come down, Nirmala Sitharaman , said,"The Modi government has given relief to the common man every time when there was an opportunity. He has reduced the prices and several states, especially the BJP -ruled further reduced the rates. However, fuel prices in those states who have distributed freebees including Himachal, Tamil Nadu to name a few, exhausted their budgets and failed to provide relief in petrol prices as much as others could do. Where was ‘khata-khat’ then… however, I'm not saying that we shouldn't reduce petrol prices but it's upto the petroleum ministry and the Prime Minister who will take a call."

Responding to the Opposition's frequent accusations about the government's links with industrialists Adani and Ambani, Sitharaman questioned their credibility. "States governed by opposition parties themselves receive investments from these industrialists, so on what authority are they accusing us?" she asked.

She also targeted Rahul Gandhi , stating, "He is fixated on winning at any cost and removing PM Modi, but the markets and the public did not respond to his narrative." 

Sitharaman further criticized Gandhi for his contradictory stance on constitutional values, highlighting, “You talk about the Constitution, but you’re the one who spoke about removing reservation while abroad. This issue should be raised.”

Nirmala Sitharaman Speaks To Arnab On PM Modi's 100-Day Report Card | Full Interview