It’s all AI, nothing political about multi-location IT raids, says Union Finance Minister

Union Minister Nirmala Sitharaman in Coimbatore discussed AI-driven economic offences, gender equality, global debt distress, and PM MUDRA Yojana. AI was a powerful tool for progress, with 65% of beneficiaries being women. She urged students to become politically conscious and for families to nurture an ethical approach.

Analysis of economic offences with Artificial Intelligence (AI) was the reason for simultaneous Income Tax raids at various locations. There was nothing political attached to the operations, said Union Minister for Finance and Corporate Affairs Nirmala Sitharaman in Coimbatore on Tuesday.

Data analysis with AI had helped in tracking the entire gamut of tax evasion that had hitherto been happening through the web of transactions among shell companies. It was in recognition of AI as a powerful tool for the country’s progress that the government sanctioned funds for establishment of three Centres of Excellence for AI in the Union Budget, Ms. Nirmala said, during an interactive session with students of PSGR Krishnammal College for Women.

Citing the contribution of women technocrats for the success of Chandrayan - 3 Mission, the 33% reservation for women in the Lok Sabha and State Assemblies made possible by the BJP Government was a reflection of the importance given to bring about equal status of women. The move by some State governments to extend 50% reservation had meant there was no shortage of empowered women, she contended.

Equality of women, according to her, has no caste or religious connotation. Nurturing of an ethical approach at the level of the family will pave the way for gender parity at the societal level, the Minister said, fielding questions from the students.

Compared to many other countries, India effectively handled global debt distress in a time-bound manner in the post-Covid phase. On cryptocurrency, the Minister said India used the G-20 Summit as a platform to reiterate its emphasis on formulation of a global regulatory framework.

Coimbatore South MLA and national president of BJP Mahila Morcha Vanathi Srinivasan urged students to become politically conscious. College committee chairperson R. Nandhini and secretary Yashoda also spoke.