Sitharaman interacts with members of Industry and trade associations during the Question & Answer Session at a programme organised by Thinkers Forum in Bengaluru
Staff Reporter
Union Finance Minister Nirmala Sitharaman today said government was working with RBI and concerned Ministry to clamp down on ponzi apps. Speaking at an event “Interaction with Intellectual” organized by Thinkers Forum, she said strong sense of caution is required among people to make sure to protect hard-earned money.
Speaking on corona hit economic recovery, she said, Union Finance Minister Nirmala Sitharaman said the methods adopted by western countries during COVID-19 times caused stress economy. Their formula to deal with the COVID-19 situation – like printing more currency and distribute among people – has now proven hurtful of their economy, she added. Finance Minister Sitharaman also said that COVID which followed by Ukraine war further hit everything, which are critical for our economy, badly.
Ms. Sitharaman said, due to the right approach condition of Indian economy is better than any other country. Talking on regulation of digital or cryptocurrency, the Minister said, no one country individually can effectively control it because technology does not have any borders, it can just pass through. She said, all countries are required to be on board to control it or else efforts will not be effective.
On economic reforms in India, she said, a lot of measures are being taken to widen the tax base. Ms. Sitharaman said, the Government has brought in a simplified income tax regime with lower tax rates and less exemptions. Changes have been brought to encourage people to pay taxes, she added.
