
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.
PM Shahbaz Sharif was scolded in Saudi Arabia, people raised slogans of 'chor-chor'
Pakistan Prime Minister Shahbaz Sharif is on a visit to Saudi Arabia with his delegation. The vis
IPL 2025: Did Lucknow make a plan of '50 crores' to buy Rohit? Statement of team owner Sanjiv Goenka
There may be a mega auction this year for IPL 2025. Talks are currently going on between the BCCI
Russia's supply of crude oil to India will continue and bilateral trade will set new records. The
21, including 19 children, have died in a school shooting in Texas, USA, after which the US Depar
The Bengaluru Metro Rail Corporation Limited (BMRCL) on Wednesday suspended the Deputy Chief Engi
Ahead of the 2026 IPL season, Australian fast bowlers have created a predicament. Chennai Super K
Pali MP Khel Mahakumbh is going to be organized at Bangar Stadium in Pali City on Saturday. More
Today is a big day for the IPO market as well as for those investors, who were waiting for the co
Romantic comedy films have always been considered the key to success in Hindi cinema. A new name
Officials of security agencies reached his village Jallupur Kheda on Wednesday in search of Khali