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

Parliament Session 2024: The President also spoke on the paper leak case, and mentioned it during the address in Parliament

President Draupadi Murmu gave her first address in Parliament after the formation of the NDA gove

Conservative Party's new strategy against Sunak, support to Liz Truss

The struggle for ideology in the ruling Conservative Party is also coming to the fore in the race

IND vs BAN: India will fight against Bangladesh before T20 World Cup, a golden opportunity to test the team's preparations

The Indian team is ready for the T20 World Cup 2024. The team led by Rohit Sharma will face Bangl

CAA Protest: 30 organizations of Assam protested against the implementation of CAA, burnt copies, called for strike today

There is fierce protest against the Citizenship (Amendment) Act, 2019 (CAA) in Assam. The central

Rajnath Singh's strong message to China: Defense Minister's warning in America - If someone teases India, we will not leave it, we are now a powerful country

Giving a strong message to China from America's soil, Defense Minister Rajnath Singh has said tha

Supreme Court On Women Safety: 'Feeling of insecurity among women doctors, cannot leave security to contract workers', Supreme Court asked tough questions

Protests are still going on in many parts of the country after the incident with a 31-year-old wo

Drone shot into pieces by BSF bullet in Amritsar: entered the Indian border at 7.45 am; search operation continues

Taking advantage of the fog, Pakistani smugglers are continuously sending weapons and drugs to th

Shock to Elon Musk: Tesla lost twice as much as Twitter bought, the company's value fell by $100 billion

The world's richest person, Elon Musk, has now been captured on the microblogging platform Twitte

Pakistan Mosque Blast: Attacker entered Peshawar's mosque in police uniform, dodged security forces

Police have started an investigation into the recent suicide attack in Peshawar, Pakistan. Police

Salman Khan: 'Silence on Operation Sindoor, misses the Army to earn money', Salman gets trolled after sharing a glimpse of 'Galwan'

Salman Khan will be seen in the film 'Battle of Galwan'. The poster of the film was released on F

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