
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.
The Indian team's England tour is over, and now the next mission of Team India is the Asia Cup. B
The Board of Control for Cricket in India (BCCI) released the schedule for Team India’s 202
Braj's Holi: Long queues of vehicles from Barsana to Nandgaon... roads jammed; broken traffic system
Lakhs of devotees are reaching Mathura due to Rangotsav in Barsana-Nandgaon. Due to this, the tra
Indian team's star batsman Shubman Gill has been going through a rough patch lately. Gill was una
The first season of the popular web series 'Made in Heaven' premiered in 2019. The audience liked
The Himachal Pradesh Board of School Education has released the datesheet for classes III, V, and
The World Health Organization (WHO) issued an alert on Wednesday regarding 4 cough syrups made by
'Bahubali' fame actor Prabhas has done something that is being appreciated. Prabhas has come forw
Sidhu Moosewala's parents met Home Minister Amit Shah, demanding a high-level probe into the murder
Father and mother of late Punjabi singer Sidhu Moosewala met Union Home Minister Amit Shah in Cha
Virat Kohli Test Retirement: Kohli retired from Test cricket, posted information on Instagram
Indian cricket has suffered two major setbacks within a week. After Rohit Sharma, Virat Kohli has