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.
Rishabh Pant has captained many matches for his team Delhi Capitals in IPL and now his captaincy
Protesters warn Chinese to leave Gwadar port, increasing public anger against BRI
Gwadar Right Movement leader Maulana Hidayat ur Rehman has warned Chinese citizens to leave the G
Today is the 36th day of Congress leader Rahul Gandhi's India Jodo Yatra. On Thursday, he started
In the case of Tunisha Sharma's death, the police made a big disclosure on Monday. Police claimed
Shraddha murder case accused Aftab was again brought to Rohini FSL for a polygraph test on Tuesda
Ranveer Allahbadia: Ranveer Allahbadia made an emotional post for himself, wrote- Life is a storm...
Ranveer Allahbadia on Monday night (April 14) took to his Instagram to share a post that grabbed
A full year has passed since the Russia-Ukraine war. But it continues. Today again Russia has car
Union Law Minister Kiren Rijiju pitched for institutional arbitration, pointing out flaws in ad h
Ranveer Singh In Don 3: Ranveer Singh has been continuously making headlines for some time for hi
Dera Premi Killing In Punjab: The law and order situation in Punjab is getting worse. Dera lover
