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

Russia-Ukraine War Updates: Putin may declare war on Ukraine, Zelensky's taunt - Forgot the lesson of Second World War

It has been more than two months since the Russia-Ukraine war. However, Russia has so far been ca

Train Firing: First shot a senior officer, then killed three people; Answers to 5 questions related to the incident

Jaipur Mumbai Train Firing An incident has come to the fore raising questions on the safety of th

Turkey Earthquake: There is less hope of survival of people buried in the debris, UN will help earthquake victims

Rescue workers pulled several people alive from the rubble of buildings in Turkey on Monday. Howe

India in the semi-finals of the T20 World Cup for the third time in a row: beat Ireland by 5 runs with the DLS method; Mandhana played career-best innings

The Indian team has entered the semi-finals of the ongoing Women's T20 World Cup in South Africa.

Big road accident in Bidar, Karnataka, horrific collision between auto-rickshaw and truck, 7 women killed

An auto rickshaw and a truck collided head-on in a village in Karnataka's Chittaguppa taluk late

PM Modi arrived at the BJP Parliamentary Party meeting: Agriculture Minister Tomar arranged lunch for the MPs; Tawang can resonate in Parliament

BJP's parliamentary party meeting was held today ahead of the winter session of Parliament. Prime

The judge who ordered the survey of the Gyanvapi campus received death threats, complained to the police

Varanasi Civil Judge Senior Division Ravi Kumar Diwakar has received threats. He had ordered a su

KGF 3: The time has come to decide Rocky Bhai's fate, know the biggest update on 'KGF 3' from Yash himself

South Indian actor Yash received a lot of love and appreciation for his performance in the action

Ukraine Russia War: Joe Biden's big announcement, America will give 'advanced rocket system' to Ukraine

US President Joe Biden made a big announcement on Tuesday amid the ongoing war between Russia and

Saw an airshow in childhood, and fell in love with the speed and sound of the plane; Know how Shubhanshu Shukla made his dream come true

Group Captain Shubhanshu Shukla, born in Lucknow, Uttar Pradesh, left for space aboard the SpaceX

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