
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.
For investors looking to build a safe and stable financial corpus over the next five years, Recur
The Indian sports world has also mourned the Pahalgam terror attack. At the same time, former Ind
PMI: Effect of new orders and strong demand, manufacturing PMI reached a 13-month high in December
India's manufacturing activity rose to a 13-month high in December on strong demand and a jump in
Covid 19 India: Mandaviya alerted about Covid, Dr. Pal called precautionary dose mandatory
A high-level meeting was held today under the chairmanship of Union Health Minister Mansukh Manda
Narayan Murthy, co-founder of Indian IT company Infosys, has again reiterated the need to work 70
The price of Bharat Biotech's intranasal corona vaccine INCOVACC, given through the nose, has bee
A two-day special meeting of the Counter-Terrorism Committee (CTC) of the United Nations Security
Sawan 2023: Sawan month is starting on the 4th of July. This year the month of Sawan will be spec
Oil companies have released the prices of petrol and diesel for today. Today companies have not m
National Testing Agency/NTA has declared the result of JEE Mains June session exam. The testing a