
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.
20 thousand rupees discount has come directly on this Mi Notebook with super fast speed
Mi Notebook Pro On Amazon: Mi Days is going on on Amazon, in which bumper discounts are being giv
Indian Army surprised the whole world by entering PoK six years ago and eliminating 50 terrorists
The data collected through radio-frequency wristbands revealed that each devotee visiting Prayagr
The Election Commission will begin door-to-door Special Intensive Revision (SIR) of electoral rol
Coronavirus Updates: Relief in Corona cases! 4858 new cases in 24 hours; 18 people died
There has been a big decline in the cases of Coronavirus in India. In the last 24 hours, 4,858 ca
There will be a hearing in the Supreme Court today in the case of forced conversion. During the l
Oppo A96 got a cut of Rs 1000, know the new price and features
Oppo A96 Discount Offer: If you are planning to buy Oppo's smartphone then this news is for you.
External Affairs Minister S Jaishankar on Sunday (February 26) said that the main concern of the
The impact of the reforms made by the government in GST rates can be seen in the festive shopping
IND vs. PAK Reserve Day: India and Pakistan are clashing in the Super-4 round of Asia Cup 2023. R