India on its way to becoming a $5 trillion economy: The Tribune India
New Delhi, April 14
The focus on capital spending in the recently announced budget for the current fiscal year will boost manufacturing and tax revenue collection, keeping India on track to become an economy of 5,000 billion, the finance ministry said Thursday.
Tax revenue last fiscal year rose by a record 34% to Rs 27.07 lakh crore, which the ministry says is “a remarkable testimony to the rapid recovery” of the economy after successive waves of crisis. Covid.
Direct tax collection increases by 49%
- In the last financial year, collection of direct taxes increased 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 the dynamism of the economy and the impact of measures to combat tax evasion
- For the current financial year, capital expenditure (capex) is expected to increase by 35.4% to Rs. 7.5 lakh crore to continue the public investment recovery of the pandemic-stricken economy
“The central government’s emphasis on transforming India into a global economic power and the multitude of measures adopted as part of this commitment have been directly reflected in India’s GDP growth in recent years.
“This has translated into increased treasury revenue while keeping India on track to achieve a $5 trillion economy…” the ministry said. —