Nirmala Sitharaman’s Impactful Moves: Celebrating Her 64th Birthday.
Finance Minister Nirmala Sitharaman, who’s like a captain steering India’s financial ship, turns 64 on August 18. She’s known for working closely with different parts of the economy, helping to make important rules about money matters. Let’s take a look at some of the cool things she has done:
Making Taxes Fairer: The GST Change
Imagine if we had to pay a tax every time we played a game online, went to a casino, or watched a horse race. Well, FM Sitharaman made a change to the tax rules in these cases. She said that there should be a 28% tax on the money people use to bet in these activities. This helps the government get more money, which they can use for things like building roads and schools.
Helping People Understand Taxes Better: GST Council Decision
Sometimes, taxes can be confusing. FM Sitharaman made sure that the government took steps to make things clearer. She convinced the government to change laws so that the tax on the full amount of money people put into online games, casinos, and horse races is 28%. This change will bring in more money, which can be used to help the country.
Giving a Break to the Middle Class: New Income Tax Rules
Paying taxes can sometimes be a headache. FM Sitharaman made things easier for middle-class folks. She introduced new rules for taxes. Now, people can choose between the new rules and the old ones when they pay taxes. This is nice because it gives people choices that fit their money situations. She even said that people who earn up to ₹7 lakhs don’t have to pay any taxes. That means they have more money to keep for themselves!
Big Changes in Banks: Merging Banks Together
Banks are where we keep our money safe. FM Sitharaman had a big idea to put some banks together to make them stronger. She helped the government make plans to merge banks like puzzles. For example, they combined banks like Oriental Bank of Commerce and United Bank of India with Punjab National Bank. They did the same with other banks too. This way, the banks can work better and help people with their money needs.
Making Villages Stronger: Special Plans for Rural Banks
Not everyone lives in big cities. Many people live in villages, and they need good financial plans too. FM Sitharaman told special banks called Regional Rural Banks to focus on important plans for villagers. These plans help people in villages with things like insurance, pension, and loans for farming. She wanted to make sure that everyone, even in remote areas, gets the financial help they need.
Celebrating FM Sitharaman’s Great Work
As FM Sitharaman blows out 64 candles on her birthday cake, let’s clap for all the good things she’s done. From making taxes easier to merging banks and helping rural areas, she’s like a money magician who makes things better. Her birthday is not just a day to celebrate her, but also to celebrate the positive changes she’s brought to how India handles money matters.