Industry Needs To Match Green Expectations Of Global Market: Nirmala Sitharaman

India's Finance Minister Nirmala Sitharaman said that industries that are keen to invest and expand must ensure technology-driven investments to match the green expectations of the global market.

Exporters will be assessed by "a green measuring yard", she said, at a post-budget session in Bhubaneswar on Friday. Along with her team, she addressed industry representatives and the media in separate sessions.

"If steel, which goes from India, is not going to be green, nobody is going to import or they will levy huge barriers, which are non-tariff barriers," she warned steel manufacturers.

Industries also need to hire regular 'plus' workforce or skilled labour for the same, Sitharaman said.

The Finance Minister outlined that the 2023 budget attempts to promote inclusion—particularly for disadvantaged minority communities—and ensure existing central sector schemes benefit the eligible population.

The minister said that the government wants to reach "total saturation" for schemes, such as the PM Awas Yojana, Har Ghar Nal Se Jal, LED bulbs, and wellness centres.

"This special gesture during this budget for reaching saturation for primitive groups will benefit Odisha as much as neighbouring Jharkhand as well," she said.

The budget announcements this year featured the launch of the PM PVTG (Particularly Vulnerable Tribal Groups) Development Mission. The scheme is aimed at offering vulnerable tribal group families and habitations with basic facilities, such as safe housing, clean drinking water, sanitation, access to education, health, nutrition, roads and telecom connectivity. A financial outlay of Rs 15,000 crore was also announced for this.

Regarding a query to lower the indirect tax rate on cement from 28%, the Finance Minister said that the matter will be decided by the GST Council.

BQ Prime learnt that the 49th GST Council, slated to take place on Feb. 18, may not discuss the change on GST rate on cement.

"Cement is a product with its own green negatives, so it's not a green clear signaled item," she said.

Finance Secretary TV Somanathan, who was also in attendance at the event, said that the caliberated rate of 28% on cement approximately reflects the previous tax structure, which varied from state to state.

"The rate has not gone up after the introduction of GST ... Previously, there was excise and VAT (sales tax)," he said.