
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.
Indian trio Manu Bhaker, Ishaan Singh, and Rhythm Sangwan won the gold medal in the women's 25m p
Delhi NCR Rain: Weather turned in Delhi-NCR, rains and strong winds at midnight
Delhi NCR received rain with strong winds on Monday (October 06, 2025). Earlier, the Meteorologic
The central government is considering bringing petrol and diesel under the ambit of GST. If this
Yesterday on Thursday, actress Aarti Singh married Deepak Chauhan with full r
KVS Admission 2022: Kendriya Vidyalaya Sangathan (KVS) has released the first list of lottery tic
Before the discussion on Operation Sindoor in the Lok Sabha today, Union Parliamentary Affairs Mi
Rajasthan Royals team will play its 13th match on Wednesday against Punjab Kings, who are out of
There is anger across the country even today over the horrific incident that happened with the fe
Pakistan is grappling with economic and security challenges these days. Meanwhile, the Chief of A
Mumbai terror attack mastermind Tahawwur Rana was finally brought to India on Thursday evening. R