India on track to becoming $5 trn economy


New Delhi, April 14

The focus on capex in the recently announced Budget for the current fiscal will boost manufacturing and tax revenue collection, thereby keeping India on track to becoming a $5 trillion economy, the Finance Ministry said on Thursday.

Tax revenue in last fiscal grew by a record 34% to Rs 27.07 lakh crore, which the ministry said is “a remarkable testimony to the rapid recovery” of the economy following successive waves of Covid.

Direct tax mop-up rises 49%

  • In the last fiscal, direct tax collection rose by a record 49% to Rs. 14.10 lakh crore, while indirect taxes recorded a growth of 20% to Rs. 12.90 lakh crore, reflecting buoyancy in economy and the impact of anti-tax evasion steps
  • For the current fiscal, capital expenditure (capex) is budgeted to rise by 35.4% to Rs. 7.5 lakh crore to continue the public investment-led recovery of the pandemic-battered economy

“The Central government’s focus on making India a global economic powerhouse and the host of measures adopted towards this commitment has directly reflected in India’s GDP growth in recent years.

“This has translated into increased revenue collection for the exchequer while keeping India well on the track towards achieving a $5 trillion economy…,” the ministry said. —

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Eid-ul-Fitr moon sighting highlights: Saudi Arabia, India may mark Eid same day

Eid-ul-Fitr 2022 moon sighting highlights: There is a wafer-thin chance that Muslims…

As Washington ramps up efforts to bring India on board with sanctions against Russia, U.S. treasury official on visit to Mumbai and Delhi

U.S. Assistant Secretary to discuss Russian oil purchases by India, rupee-rouble trade…

सड़क, रेल, 5G… अरुणाचल बॉर्डर से सटे तिब्‍बत में क्‍या-क्‍या गुल खिला रहा चीन, सेना ने सब बताया

Edited by दीपक वर्मा | भाषा | Updated: May 17, 2022, 1:08…

India Shelves ₹35,000 Cr Plan To Upgrade Su-30 Fighter Fleet Amid Russia-ukraine War | Mint

NEW DELHI : Several factors have shelved the Indian Air Force’s plan…