NEW DELHI: Union finance minister Nirmala Sitharaman on Wednesday said that India enjoys an investment grade rating and there is no risk of a downgrade because of higher spending.
Speaking in Rajya Sabha on the Finance Bill 2021, Sitharaman said that it does not envisage any increase in taxation particularly in direct taxes and income tax.
“The Bill has some amendments towards achieving a reduction in compliance aimed at ease of doing business. Approach similar for customs and indirect taxes,” she said.
Defending the measures undertaken by the government to uplift the economy, the finance minister cited low inflation higher GDP growth, record foreign investment and lower fiscal deficit.
Taking a jibe at the opposition, Sitharaman pointed out that the economy was in a mess and mismanaged by the Congress-led UPA government.
The measures taken in response to the 2008 global financial crisis by the UPA led to high inflation and ‘taper tantrums’, she said.
On GST, Sitharaman informed that all due compensation to states prior to Covid have been paid and Rs 30,000 crore will be released this month to states for the same.