FM Sitharaman Highlights National Education Policy, Government's Efforts In Poll-Bound Karnataka

Ahead of the Prime Minister's rally in poll-bound Bengaluru, Union Finance Minister Nirmala Sitharaman spoke to female students on a wide array of topics ranging from the national education policy, inflation to female participation in the economy.

At an event organised by the Thinkers Forum Karnataka, the minister noted that educational institutions need to read and re-read the National Education Policy to see how it can suit institutions.

"Management, teachers, and students should look into it…students should benefit from the flexibility and versatility of the policy," she told the students gathered.

Speaking on the rupee and sharing an anecdote, Sitharaman added that it is possible to shop using the Indian rupee abroad.

"...The stature of indian rupee and stability and the way it is being, managed is there to see," she added.

Airports in Qatar and Dubai Duty Free accept payments in Indian currency. Dubai Airport has been accepting payments in rupees since July 1, 2019.

Answering queries from students on the high prices of fuel and GST taxation, Sitharaman stated that fuel and even fertilizers are imported as consumption in the country exceeds domestic manufacturing.

"...government has reduced central excise duty wherever possible," she noted.

Last year, in May the central government had reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre in response to rising fuel prices.

On GST, the minister added that the revenue neutral rate (RNR) was around 11% and not at the required level, making the tax on items lesser than pre-gst era.

Revenue neutral rate refers to a structure where established GST rates match the being revenue generation by central and state government previously.

A rejig of GST rates to rationalise the rate structure has long been in the talks with the matter now being reviewed by a Group of Ministers (GoM) in the GST council headed by current Karnataka Chief Minister Basavaraj Bommai.

The finance minister also drew attention to the reduction in unit cost of solar energy that have benefitted from increased focus on renewables.

She added that attention was also on other emerging sectors like semiconductors, pharma, electronics, medical equipment and renewables through production linked incentives.