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.
IND vs ENG: 'Best Fielder' announced through a light show at Ekana Stadium, this Indian player won
In the World Cup 2023, the Indian team made the fans happy by registering its sixth consecutive w
Pakistan has become an election issue in the country's general elections. Meanwhile, amid electio
Yesterday on Thursday, actress Aarti Singh married Deepak Chauhan with full r
The audience is eagerly waiting for 'Hera Pheri 3'. The film has been in constant discussion for
Kapil Sharma: Kapil Sharma regrets not being able to work in 'Chamkila', said - I cried a lot
The Great Indian Kapil Show is airing on Netflix these days. In the recent episode, Diljit Dosanj
PV Sindhu Gold Medal Women's Singles Badminton CWG 2022: On the last day of the Commonwealth Game
MP Exit Polls 2023: Elections for 230 seats in Madhya Pradesh have been completed on 17th Novembe
During the economic crisis in Pakistan, the political uproar is also increasing. There is news fr
'Show some mercy,' Vijay Verma lashes out at media over Malaika Arora's father's suicide case.
After the death of father Anil Mehta, the family of actress Malaika Arora and Amrita Arora is goi
Kunal Kamra Row: Now Kunal Kamra reached the Bombay High Court, and pleaded to cancel the FIR
The case of stand-up comedian Kunal Kamra making objectionable remarks is gaining momentum. The p
