NEW DELHI: India Prime Minister Narendra Modi toay, March 7, urged India Inc to increase investment and take advantage of the opportunities announced in the Budget 2023-24.
Addressing the tenth webinar on Budget, PM Modi said the government has increased outlay on capital expenditure (CAPEX) to Rs10.00 lakh crore, the highest ever.
In this backdrop, PM Modi said, "I would also urge the private sector of the country to increase their investment just like the government so as to enable the country to get maximum benefit from He further said as opposed to the past, the tax burden has come down significantly in India due to GST, reduction in income tax and corporate tax.
This has resulted in better tax collection, PM said. In 2013-14 gross tax revenue was about Rs.11 lakh crore which rose to Rs.33 lakh crore in 2023-24, an increase of 200%. The number of individual tax returns rose from 3.5 crore to 6.5 crore from 2013-14 to 2020-21.
Paying tax is such an obligation, which is directly related to nation-building. People's increased tax base is evidence that they trust the government and that the money they pay in taxes is used for the common benefit "Added Modi. He added that RuPay and UPI are more than simply low-cost, highly secure technologies; they also serve as our global identities. There is a tonne of room for innovation, and if we work hard enough, UPI might become a tool for global financial inclusion and empowerment. To broaden their reach, Modi recommended that financial institutions engage as much as possible with fintechs.
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