“Amrit Kaal Budget lays out a roadmap for an all-inclusive financial sector for India’s development”, said PM Modi during a webinar on Tuesday, March 7, 2023. Photo Credit: Twitter@narendramodi
Prime Minister Narendra Modi on Tuesday, March 7, 2023 urged India Inc to step up investment and take advantage of the opportunities presented in the Budget 2023-24.
Addressing the 10th Webinar on the Budget, Shri Modi said that the Government has increase in outlay on capital expenditure to 10 lakh crore, the highest ever.
Read also: comment | why india inc is not doing hanuman leap
In this background, the PM said, ‘I will call upon the private sector of the country to increase its investment like the government so that the country can get maximum benefit from it.’
The Prime Minister further said that unlike in the past, the tax burden in India has come down significantly due to reduction in GST, income tax and corporate tax.
increased tax collection
He said that this has resulted in better tax collection. The gross tax revenue in 2013-14 was about ₹11 lakh crore which is expected to increase to ₹33 lakh crore in 2023-24, which is an increase of 200 per cent. The number of individual tax returns filed increased from 3.5 crore to 6.5 crore from 2013-14 to 2020-21.
“Paying tax is a duty which is directly related to nation building. The increase in tax base is a proof that people have faith in the government, and they believe that the tax paid should be spent for the good of the people. Has been,” Mr Modi said.
He further said that RuPay and UPI are not only low cost and highly secure technology, but it is our identity in the world.
there is immense scope for innovation and UPI should become a tool for financial inclusion And empowerment for the whole world, we have to work for it, said the Prime Minister.
Shri Modi suggested that financial institutions should also partner more and more with fintechs to increase their reach.