India is fast on its way to becoming a $5 trillion economy. Tax collection will play an important role in this. The Finance Ministry said on Thursday, that the emphasis on capital expenditure in the budget for the current financial year will give impetus to domestic manufacturing and will also increase tax revenue collection. With this, India will continue on the path of becoming a $ 5 trillion economy.
The ministry said, the central government is emphasizing making India a global economic power. Several steps have been taken in this direction. This is reflected in the country's GDP growth in recent years. These measures have increased the revenue collection for the exchequer, the statement said. In 2019, Prime Minister Narendra Modi envisaged making India a $5 trillion economy and a global economic power. The Indian economy is expected to grow to around $3,000 billion in 2021-22.
Signs of a sharp recovery in GDP
The country's tax revenue grew by a record 34 percent to Rs 27.07 lakh crore in 2021-22. This is a sign of a rapid recovery in the economy after three waves of the pandemic. At the same time, company tax collection stood at Rs 8.6 lakh crore in 2021-22, which was Rs 6.5 lakh crore in the previous financial year. Direct tax collections in the last financial year grew by a record 49 percent to Rs 14.10 lakh crore. Indirect tax collection increased by 20% to Rs 12.90 lakh crore.
$100 billion FDI expected in 2022-23
India can attract foreign direct investment (FDI) of $100 billion in 2022-23 with economic reforms undertaken in recent years and steps taken for ease of doing business. Industry body Ph.D. Chamber of Commerce and Industry (PHDCCI) said on Thursday that the GDP growth rate in the current financial year is likely to be more than 8 percent. However, there is a risk of rising inflation in crude oil.
The Ph.D. Chamber has also given some suggestions to strengthen economic growth and achieve the goal of making India a $ 5 trillion economy in the next five years.
These include faster infrastructure investment, the inclusion of more sectors under the PLI scheme, increased public investment in agriculture, and addressing the problem of high commodity prices and shortage of raw materials.
IND VS BAN: 'Sir, I have only two hands...', why did Virat Kohli say this to the hotel staff after reaching Kanpur? Video is going viral rapidly.
The Indian team has reached Kanpur for the second Test match against Bangladesh. On Tuesday, the Indian team was given a grand welcome in Kanpur.
Kantara Chapter 1: Jr NTR praises 'Kantara Chapter 1', calls Rishabh Shetty a mix of actor-director
Rishabh Shetty's upcoming film "Kantara: Chapter 1" continues to generate considerable buzz. Audiences are eagerly awaiting its release on October 2nd. Ahead of the film's release, a Telugu
NZ vs AUS Test: Alex Carey was the hero of Australia's victory, the match turned in one day; Won the series 2-0 by defeating New Zealand
In the second Test match played in the Christchurch Test, the Australian team defeated New Zealand by 3 wickets and won the two-match Test series 2-0. After being all out for 162 runs in the first
PAK vs SL: Babar Azam's heart broken after being out of Asia Cup, vented out his anger on them after the defeat
In an important match of the Asia Cup played in Colombo, Sri Lanka defeated Pakistan and made it to the finals. At the same time, the captain of the Pakistan team, which was eliminated from the
Avesh Khan's yorker broke the bat: Three consecutive yorkers were thrown in an over against South Africa, and Dussen's bat was torn in two
In the first T20 match between India and South Africa played at the Arun Jaitley Stadium in Delhi, Resize van der Dussen's bat was broken off a yorker ball by Avesh Khan. In fact, on the third ball of
'PM Modi is afraid of Trump': Rahul attacks PM over US President's claim about Russian oil purchases
Congress leader Rahul Gandhi has once again launched a scathing attack on PM Modi, accusing him of being afraid of US President Donald Trump. In a post shared on social media, Rahul Gandhi wrote, "PM
No matter how long you play the game with this 5G network phone, it will not heat up, the price in the offer is only 10 thousand rupees.
Amazon Deal On Phone: Amazon has taken out a deal on the iQOO Z6 Lite 5G phone, which has other offers besides discounts. This is a phone in the range of Rs 10,000 which has a 5G network. This phone
Corona Updates: 2,338 new cases were found in the country in the last 24 hours, and 19 died; Highest number of 13 deaths in Kerala
In the last 24 hours, 2,338 new cases of corona have been reported in the country, while 19 people have died. At the same time, 2,134 patients have been cured. The number of active cases i.e. patients
Delhi Blast: 'There is no mischief, there is a message in the blasts...', a big revelation in the investigation; this powder was used in the blast
A big revelation has been made when investigating the blast near Bansivala Sweets and CRPF School in Prashant Vihar. It has come to light that benzoyl peroxide i.e. bleaching powder was used in the
Diljit Dosanjh: Diljit Dosanjh gifted shoes to a Pakistani fan, and said- we Punjabis love everyone
Famous actor and Punjabi singer Diljit Dosanjh is often in the news for his films and songs. The actor also has a strong fan following. Fans go to any extent to listen to him. Diljit Dosanjh, who is
