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

China-Taiwan Conflict: A team of eight member US lawmakers arriving in Taiwan on Thursday amid tensions with China, will meet with the President

Another team of US lawmakers is about to visit Taiwan amid tensions with China. Earlier in August

UNGA: India lashed out at Pakistan in the United Nations, saying- Pakistan fearlessly gives shelter to terrorists

India has once again lambasted Pakistan on the global stage. In the United Nations General Assemb

Baba Siddique Murder Case: Why did Shahrukh Khan not attend his close friend's last rites? This is the reason given.

Nationalist Congress Party (NCP) leader Baba Siddiqui was shot dead in Mumbai on Saturday night.

Blast In Afghanistan: Big explosion in Kabul's 'Chinese Hotel', all three attackers killed, all evacuated safely

The question has once again arisen on the security of foreigners in Afghanistan. On Monday, some

BIS Hallmarking: Reasons why hallmarking is not yet mandatory for silver jewelry—what are the challenges?

The Central Government is preparing to introduce mandatory hallmarking for silver jewellery and a

Punished in front of a crowd of thousands in the football stadium: Taliban flogged 12 people, including 3 women, on charges of theft and adultery

12 men accused of moral offenses were thrashed in front of a crowd of thousands at a football sta

PM Modi: Trinidad and Tobago's parliament reverberated with thunderous applause. PM Modi had to stop his address 23 times

Prime Minister Narendra Modi addressed a joint session of the Parliament of Trinidad and Tobago o

The first life science data center built in the country will help in the identification and research of diseases like corona

The first Indian Biological Data Center (IBDC) in the country has been set up in Faridabad, adjac

SRH vs DC: Were Rahul and Nitish's errors—along with poor fielding—the cause of Delhi's defeat? Coach Rao and Captain Axar reveal the truth.

Chasing a massive target of 243 runs against Sunrisers Hyderabad in IPL 2026, the Delhi Capitals

Weather Update Today: Where will it rain today in the country, how long will the monsoon be farewell; Know the latest weather updates

Many parts of North India and North West India have been witnessing unseasonal rains for some tim

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