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

IND vs AUS ODI : Bat will show power or the ball will wreak havoc, Mumbai's pitch report and weather conditions

The ODI series between India and Australia will start on Friday. The first ODI between the two te

COP 27: Rich countries are not ready to give financial help for environmental improvement, conference extended by one day due to a lack of consensus

Developed (rich) countries are not ready to help to develop and poor countries clean the atmosphe

Ola: Despite the boom in the EV industry, Ola will lay off 1,000 employees, know the reason

Despite the tremendous boom in the electric vehicle industry, ridesharing company Ola is going to

'These people with a Jihadi mindset...' Abhinav Kashyap makes a big statement on Salman Khan's family, calling Arbaaz a 'donkey thief'

Salman Khan and his family are once again embroiled in controversy, thanks to a major statement b

Bloody Daddy Ott Release Date: Shahid Kapoor will leave the theater and return to digital, 'Bloody Daddy' released on OTT on this day

Bloody Daddy Ott Release: Kabir Singh Shahid Kapoor of the film world is going to be seen in back

IND vs SA Playing 11: Prasidh has the upper hand over Mukesh, and Shardul may get a chance; Know the probable playing 11

The two-Test series between India and South Africa is starting on Tuesday (26 December). Team Ind

President's Manipur Visit: President Droupadi Murmu's first visit to Manipur, a ceremony held to honor the struggles of women.

Indian President Droupadi Murmu will begin a two-day visit to Manipur on Thursday. During her vis

Weather Update: Relief from humid heat, heavy rain in Delhi-NCR; Know when the monsoon will arrive

Monsoon has knocked in many states of the country. People were in bad condition due to the scorch

Manipur Violence: Curfew relaxation extended in Imphal districts, security forces conduct search operation

Manipur Violence: Given the improvement in the law and order situation, the Manipur government ha

E-Commerce Platform: E-commerce's key role in increasing the profit of MSMEs

E-commerce platforms have helped the Micro, Small, and Medium Enterprises (MSME) industry to incr

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