Finance Ministry said: India will soon become a $ 5000 billion economy, tax collection will play an important role in achieving the target


Posted on 15th Apr 2022 03:33 pm by rohit kumar

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.

 

Also Read: The big decision of Infosys Tech giant to wrap up its business with Russia, also plans to recruit 50000 new

1 Like 0 Dislike
Previous news Next news
Other news

UP Budget 2022: What did the common people get this time in Yogi's budget, from gas cylinders to these big announcements

Uttar Pradesh Government 2.0 presented its first budget today. Finance Minister Suresh Khanna pre

Delhi Encroachment Update: Bulldozers will also roar in Okhla and Shaheen Bagh, note the date and collect the goods

Bulldozers will roar continuously against encroachment and illegal construction in the country's

Haryana Political Crisis: What are the new equations in Haryana, who will gain and lose how much from the break of the alliance? Know here

There was political turmoil in Haryana just before the Lok Sabha elections. On Tuesday, the BJP b

How can the ICC punish Bangladesh for withdrawing from the T20 World Cup? What do the rules say?

The T20 World Cup 2026 is just days away, but a major controversy has erupted due to the stubborn

How to buy iPhone 17, iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max cheap? See offers and pre-order details.

Apple has launched the all-new iPhone 17 series at its 'Awe Dropping' launch event on September 9

Chinese come every year, return after getting beaten up: Chinese army hoodlums and street goons, former Army Chief Naravane on Tawang clash

On the skirmish with the Indian Army in Tawang, Arunachal, former Army Chief General MM Naravane

PM Modi reached Canada to participate in the G-7 summit, know why this visit is special

Prime Minister Narendra Modi has reached Canada to participate in the 51st G-7 Summit. The G-7 Su

Bharat Jodo Yatra: Why did Rahul Gandhi start the journey after visiting Hanumanji, gave this message

With the visit of Hanumanji of Marghat in Delhi, the second phase of Rahul Gandhi's Bharat Jodo Y

Ind vs Eng: KL Rahul will not do wicketkeeping in the series against England, two wicketkeepers got a place in the team, and Dhruv Jurel will debut

KL Rahul will not play as wicketkeeper in Ind vs Eng: KL Rahul will not play wicketkeeper in the

Tricolor insulted in Canada: Khalistani supporters trampled the national flag with their feet, also raised anti-India slogans

A disgusting act of Khalistan supporters has come to the fore in Canada. While shouting Khalistan

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash