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

Presidential Election: Today's meeting of opposition parties regarding the Presidential election, Pawar denied the candidature; Mamta restless with the attitude of the opposition

The opposition has started brainstorming regarding the presidential election. All the opposition

Hijab Ban: A big decision on the Karnataka hijab ban may come soon, Supreme Court may pronounce the order this week

A big decision on the Karnataka hijab controversy may come before Supreme Court judge Justice Hem

'I am surprised it took so long', Mukesh Khanna apologizes after Sonakshi Sinha's retort.

TV's Shaktimaan i.e. Mukesh Khanna is again seen embroiled in controversies these days. After com

IND vs SA: After the defeat in the second ODI, Rahul said that the toss was important, did not scoring many runs in the death overs prove costly?

Indian captain KL Rahul admitted that India's inability to score enough runs in the death overs c

Crude Oil: Germany spoke on India's oil purchase from Russia, we have nothing to do with

Germany's statement came out on India's policy of purchasing crude oil at a concessional rate fro

IND vs ENG: Yashasvi Jaiswal created history in Test, joined Don Bradman's club, left Gavaskar behind

Team India won by five wickets in the fourth match of the ongoing five-match Test series against

Putin is doing what Hitler did: Soldiers statue with rifles deployed in Russia, 'soldiers' will distribute Christmas gifts instead of Santa

Russia engaged in war with Ukraine is showing warlike passion in every act. Christmas was also no

Submarine Museum: Country's second submarine museum to be built in Bengal, inspiration to make a career in the Navy

The Indian Navy is going to build a submarine museum in West Bengal. Its process has already star

Haryana Election: Brijendra will contest against Dushyant, Anirudh will contest against Shruti; Congress changed candidates on 6 seats

Congress has released its second list of candidates for the assembly elections to be held on Octo

Sambhal violence case reaches SC, Jamiat Ulema-e-Hind said- The places of Worship Act was violated.

Jamiat Ulema-e-Hind has filed an application in the Supreme Court regarding the Sambhal case. Jam

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