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.
India Maldives Row. PM Modi visited Lakshadweep a few days ago. The Prime Minister also shared so
There is relief from the cold in the plains of the country. Cold is being seen in the plains only
A military parade was held on Wednesday to mark the 75th anniversary of the establishment of the
Sonu Sood: Sonu Sood exposed Bollywood, and said- good acting is done at parties here
These days actor Sonu Sood is promoting his film 'Fateh'. In a recent interview with Mashbell Ind
Sri Lankan Prime Minister Ranil Wickremesinghe said on Sunday that five finance committees and 10
India's young T20 star opener Abhishek Sharma praised Gautam Gambhir after the hosts defeated Eng
Union Law Minister Kiren Rijiju expressed concern on Thursday (December 15) over the delay in get
The speed of Corona in China has become uncontrollable. Since March, there is a spurt in the case
After the rebellion of minister Eknath Shinde in the Uddhav government, Shiv Sena is now standing
MS Dhoni showered his love for CSK amidst talks of retirement, said- I will always be with them.
Mahendra Singh Dhoni's future in IPL is being discussed continuously. Many reports claimed that M
