New Delhi: Finance Minister Nirmala Sitharaman's response to a Mumbai broker's complaint on too many taxes drew laughter at a recent event. The government was like a "sleeping partner" for brokers and investors paying tax at every turn, the man had suggested.
Speaking at the "Vision for Indian Finance Markets", the broker said while investors were putting their money at risk, the government reaped the rewards by imposing a "heavy tax burden". His comparison had the Finance Minister smiling.
Enumerating the plethora of taxes imposed on every transaction, including GST, IGST, stamp duty, STT, and long-term capital gains tax, the broker emphasized that the government's earnings often surpass those of the brokers themselves.
"Today, the government of India is earning more than the broker," claimed the man.
He also said that investors and brokers often take substantial risks, but the government does not.
"I am taking a whole lot of risk, and the government of India is taking away all of the profit. You are my sleeping partner, and I am the working partner," he said.
The Finance Minister grinned, "A sleeping partner cannot answer sitting here," eliciting laughter from the audience.
At the event, Ms Sitharaman also highlighted how the Narendra Modi government has brought policies that have resulted in an "exponential and unprecedented" infrastructure creation in the last 10 years.
The Finance Minister said that a staggering 3.74 lakh km of rural roads have been built since 2014 under PM Gram Sadak Yojana which was almost double the figure of rural roads built earlier.
Nirmala Sitharaman also highlighted that metro rail projects have significantly improved the 'ease of living' in urban areas by providing improved connectivity, reduced traffic congestion, and safe travel.