Need tax revenue to fund innovation in India’s push for green power: FM Sitharaman

India's transition to renewable energy depends on the tax revenue in the absence of global funds and on the innovation of developing batteries for storing it, Finance Minister Nirmala Sitharaman said on August 13.

“India has moved ahead on transition from fossil fuel to renewable energy with our own funds. India is investing heavily, moving to renewable energy on its own strength. We cannot wait for global funds. For the transition to renewable energy to be sustainable, innovative solutions are needed. The money through taxation is needed to fund research,” Sitharaman said while delivering the keynote address at the 11th convocation of the Indian Institute of Science Education and Research at Bhopal.

India’s taxes cannot be brought to nil due to these challenges that are before the country, she said. “I wish I could bring down taxes to nil, but our challenges are severe.”

The Finance Minister said that in order to sustain the renewable energy, India needs to develop battery capacities for storage for which funding towards research and development is needed, which is done through the taxpayers’ money.