
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.
NASA signs $ 115 million agreement with Boeing, know what will change in aviation
NASA Boeing Partnership: American Space Agency NASA and aircraft manufacturer Boeing are working
The Union Home Ministry on Tuesday introduced the Immigration and Foreigners Bill in the Lok Sabh
Aditya-L1, sent by India to collect important information about the Sun, has started its work. No
President Oath: President Draupadi Murmu's first speech lasted 18 minutes, know its 10 big things
Draupadi Murmu has been sworn in as the 15th President of the country. His first address lasted 1
After the merger of departments in the Haryana government, the power of 4 ministers including Dep
An important decision has been taken between Maharashtra Navnirman Sena and the ongoing tussle in
Bhajanlal Bhaiya came to Agra in the year 1990. Sister Gaura's marriage was fixed. As soon as Bha
The Supreme Court has dismissed the petition of the former principal of Kolkata's RG Kar Hospital
Manipur Violence: Violent protests again in Imphal, DC office vandalized; burnt two vehicles
A fresh incident of student-led violence broke out in the Manipur capital on Tuesday after photog
Pakistan on Sunday refused to play the T20 World Cup match against India. The Pakistani governmen