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.

 

 

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

Piyush Goyal: Indian Rupee shows more flexibility than other currencies, says Commerce Minister in the US

Commerce and Industry Minister Piyush Goyal has said that the Indian rupee has shown greater resi

SCO: PM Modi may distance himself from the SCO meeting to be held in Pakistan; India, angry with terrorism, may take this step

Prime Minister Narendra Modi may distance himself from the Shanghai Cooperation Organisation (SCO

Samsung Galaxy A04s manufacturing begins in India, know the features of this cheap 5G smartphone

Samsung Galaxy A04s: Samsung is preparing to launch its new entry-level smartphone Samsung Galaxy

Russia-Ukraine war: On Monday, Russia fired more than 150 missiles at Ukraine, Zelensky said - we are giving a befitting reply to the Russian army

The war between Russia and Ukraine, which started on 24 February, has been going on for 5 months,

Asaduddin Owaisi compared hijab with vermilion and mangalsutra, said - Allah's decree in the Quran

The judges of the Supreme Court were divided on Thursday regarding the ban on hijab and now the m

JPC on Waqf Bill: After an uproar, the government presented a corrigendum in Parliament, and opposition members took a jibe

BJP's Medha Vishram Kulkarni introduced a corrigendum in the Upper House on Thursday afternoon af

Bigg Boss 19: Seeing Mridul Tiwari crying like a child, the audience got angry at Salman Khan, saying, "You are turning a human being into a devil..."

Weekend Ka Vaar, the sixth week, is going to be very challenging for the housemates. The confront

In the case in which Daler Mehndi was arrested, more than 30 cases were registered

Punjab's Patiala Court has upheld the two-year sentence awarded to famous Punjabi singer Daler Me

PM Modi: 'PM Modi not only makes policies, he also implements them', ISRO chief praises the Prime Minister

Indian Space Research Organisation (ISRO) Chairman S Somnath has praised Prime Minister Narendra

‘My Hyderabadi brother, stay there only…’ Deputy CM Devendra Fadnavis attacked AIMIM chief Owaisi.

Maharashtra Deputy CM Devendra Fadnavis has once again targeted All India Majlis-e-Ittehadul Musl

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