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.

Did you know?Explore Trending and Topic pages for more stories like this.

 

 

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

Sam Pitroda Controversy: From hua to hua to inheritance tax... such statements of Sam Pitroda which always created political uproar.

Sam Pitroda Controversy many leaders in Congress start scoring self-goals for the party

Tarek Fatah Died: Famous writer Tarek Fateh passed away, was ill for a long time

Famous writer of Pakistani origin Tariq Fateh passed away. He was running ill for a long time. He

Business: Bajaj Finance hikes interest rate on deposits, and oil imports will reach higher levels

Bajaj Finance Ltd. has increased the interest rates on FDs by up to 0.20 percent. The new rates a

Rahul Gandhi London Visit: Rahul went to London for niece's graduation ceremony; Congress hits back at BJP's attacks

Rahul Gandhi is once again on a foreign tour. Congress on Tuesday clarified that Rahul has gone t

Delhi Liquor Scam: CM Kejriwal will not appear before ED even today, AAP's allegation - Modi government should not put pressure.

Aam Aadmi Party's national convenor and Chief Minister Arvind Kejriwal will not appear before the

'Chief Minister of Chhattisgarh is a demon and he sees a fault in saffron', Anil Vij lashed out at Bhupesh Baghel

Haryana Home Minister Anil Vij has targeted Chhattisgarh Chief Minister Bhupesh Baghel. He said t

‘Those who erased Sindoor had to lose their families…’, CM Yogi called Operation Sindoor a revenge for sisters and daughters.

As per the pre-announced program of emergency warning system and rescue and relief operations, mo

Amazon iPhone Offer: Want to buy an iPhone? Know about all the deals here

Amazon Sale On iPhone: Amazon has put out a deal on every model for iPhone lovers. A discount of

Gyanvapi Case: Water was removed from Gyanvapi's sealed bathroom by installing 3 pumps, and 26 employees are cleaning the dirt.

On the orders of the Supreme Court, District Magistrate S. It started at 9:30 on Saturday morning

Delhi-NCR Weather Forecast: There has been a drop in the temperature of Delhi-NCR, the Meteorological Department told how long the relief will be available

Delhi-NCR Weather Forecast: Due to the scorching heat and heatwave, many parts of North India inc

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