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.
WazirX: ED raids WazirX director's premises, accounts frozen
The Enforcement Directorate (ED) has raided the premises of Sameer Mhatre, director of the WazirX
Munawar Faruqui Detained: It seems that the police are keeping a close watch on the winners of 'B
With the arrival of the Dalai Lama in Bodhgaya, the land of knowledge of Lord Buddha, a woman fro
The Central Government has notified the 'Integrated Waqf Management, Empowerment, Efficiency and
'Zubeen Garg was poisoned,' reveals singer's friend; alleges conspiracy
There has been a new twist in the case of the death of renowned singer and icon Zubeen Garg. His
Became a son in Bihar, lived in the house for 40 years, sold land worth crores
A piece of shocking news has come out from Nalanda, the home district of Chief Minister Nitish Ku
Every day a new twist is being seen in the Russia-Ukraine war that started on February 24 last ye
Video: The train arrived nine hours late, and people clapped and danced.
The lateness of railways is quite common in the country. It is very common for the passengers to
India-Canada Row: Tension continues in diplomatic relations between India and Canada. Meanwhile,
After India, New Zealand, South Africa, England, and Afghanistan, now Australia has als
