
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.
A big update has come out regarding seat distribution in the Bihar NDA. Bihar Deputy Chief Minist
Ukraine crisis: Can India break defense ties with Russia?
After Russia invades Ukraine, the old relations between India and Russia are in discussion again,
Maharashtra: Mumbai Police issues notice regarding 'International Traitor Day', warns Shiv Sena-NCP
Today is a special day in the politics of Maharashtra. In fact, on June 20 last year, under the l
WI vs ENG 2nd ODI Match Report: The second match of the three-match ODI series being played betwe
There is tremendous hype about Hindi cinema mega superstar Salman Khan's upcoming film Sikandar.
RSS and BJP are spoiling the atmosphere of the country, Rahul Gandhi's big attack
After the Supreme Court's scathing remarks on Nupur Sharma, Congress leader Rahul Gandhi alleged
The sole eyewitness of the Bilkis Bano case has said that those convicted of this heinous crime s
IPL 2022 Final GT vs RR: When Gujarat Titans were entered in IPL 2022, hardly anyone would have t
The spy comedy film Mrs. Undercover is Anushree Mehta's directorial debut. The story begins with
The Supreme Court has once again made strict remarks on illegal conversions. Describing those who