
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.
Foreign Minister S. India's relations with China and the impact of Russia's attack on Ukraine wil
Major terrorist attack in Pakistan: Explosive-laden vehicle rams into checkpost; 11 policemen killed
The Pakistani army said on Tuesday that eleven security personnel were killed in a terrorist atta
The two-day G20 Infrastructure Working Group (IWG) meeting will begin in Maharashtra's Pune on Mo
Kangana Ranaut bursts out on Diljit Dosanjh, scolds him for working with a Pakistani actress!
Bollywood's veteran actress and Bharatiya Janata Party MP Kangana Ranaut is known for speaking he
The Kotdwar incident is escalating. Rahul Gandhi has now weighed in on the matter. He tweeted on
The fifth phase of elections is to be held on 14 seats of Awadh and Bundelkhand.&n
The peak of excitement was seen in the third T20 between India and Afghanistan. India has defeate
Life was badly affected amid outrage against the new law on hit and run. Transporters went on a n
In the 35th match of IPL 2023, Gujarat Titans will clash with Mumbai Indians. In their last match
Russia-Ukraine War: Belarus leader visits China amid tension in Ukraine
President Alexander Lukashenko of Belarus, a close ally of Russia, arrived in Beijing on Tuesday