Nirmala Sitharaman is one of the most interactive Finance Ministers India has ever had. She regularly takes feedback from industry bodies and businesses over government policies. She also makes amends to her policies if businesses push back. In fact, her Friday press conferences became something to look forward to just like the Union Budget.

The Rajya Sabha MP has been an outspoken minister even as a few of her statements have created controversy. For instance, she said that millennials’ reliance on ride-hailing apps such as Ola and Uber was hurting the auto sector.

On her 63rd birthday, here are some of her major decisions as the Finance Minister:

The amalgamation of public-sector banks

: As the Finance Minister, she led the amalgamation of public sector banks that was approved by the Union Cabinet in 2020. The merger of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank came into effect on April 1, 2020.

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Rs 20 lakh crore fiscal stimulus during the COVID-19 pandemic: To help the nation tide over the COVID-19 pandemic, the Narendra Modi government announced the Aatmanirbhar Bharat package worth Rs 20 lakh crore. FM Sitharaman announced 12 key measures to distribute the allocated amount.

Simplifying tax slabs: To provide relief to taxpayers and simplify the taxation regime, Sitharaman has fixed tax slabs for people earning Rs 2.5 lakh annually and above during her tenure. Exemptions and deductions have also been specified. A stable taxation regime helps in better collection and also attracts more investment. She has slashed corporate tax to make Indian companies more competitive.

Credit to MSMEs: As part of the COVID-19 recovery package, Sitharaman announced Rs 1.5 lakh crore of additional credit for small and medium businesses in June last year. The government also allocated Rs 93,869 crore for providing free food grains and an additional Rs 14,775 crore fertiliser subsidy.

Reforms in key sectors: She introduced commercial mining in the coal sector, encouraged self-reliance in the defence sector, pushed for private participation in space activities, approved the construction of more world-class airports through PPP mode, and brought tariff policy reforms in the power sector, among others.

Cryptocurrency taxation: Although crypto legislation is still awaited in India, Sitharaman announced a 30 percent tax on crypto trading. After the 30 percent tax rate, cryptocurrency investors will also face a 1 percent tax deducted at source (TDS) on their assets.

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Fiscal prudence: Sitharaman doesn’t believe in doling out freebies to win elections. She asked power generation firms to clear their outstanding dues. She also levied a GST on pre-packaged and pre-labelled milk and other related items. When some Opposition members called the move ‘anti-poor’, she reminded them that the proposal was passed by the GST council which includes finance ministers of all states.

(Edited by : Sudarsanan Mani)