
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.
Tesla CEO Elon Musk has become the new owner of Twitter. Musk has made a deal of $ 44 billion, i.
IND vs SL: Rishabh Pant or Sanju Samson? Gautam faced a serious problem on his first tour.
It will be challenging for the newly appointed head coach of the Indian cricket team, Gautam Gamb
R Praggnanandhaa Tops St. Louis Rapid With 12 Points; 18 Blitz Games to Decide the Champion
Indian Grandmaster R Praggnanandhaa finished at the top of the Rapid standings at the St. Louis R
A heated debate has erupted between Bollywood actor Harshvardhan Rane and his Sanam Teri Kasam co
BJP is intensifying its campaign of south expansion. To give impetus to this, Union Home Minister
India has taken another big action against Canada. India has suspended visa services for Canadian
Amidst the Ukraine-Russia war, Chinese President Jinping made a big announcement about the war
Worldwide, China is notorious for its expansionist policy. In Ladakh in India, where it has been
Actress Shilpa Shetty recently participated in the promotional event of her upcoming film. Here s
Tata Group's honorary chairman and veteran industrialist Ratan Tata died late Wednesday night. He
Natasha Stankovic and Hardik Pandya split after announcing their divorce in July this year. Meanw