On Tuesday, Prime Minister Narendra Modi urged India Inc. to accelerate investment and seize the chances presented by the Budget 2023–24. Modi said during the 10th webcast on the budget that the government had boosted capital expenditure spending to the highest level ever, at Rs. 10 lakh crore.
In light of this, he added, “I would also call for the country’s private sector to boost their investment just like the government so that the country gets the most advantage from it. The prime minister added that the GST, lower income and corporate taxes, and other tax reforms have greatly reduced India’s tax burden compared to the past. He claimed that as a result, tax revenue had increased. total tax income in 2013–14 was about Rs. 11 lakh crore, which increased by 200% to Rs. 33 lakh crore in 2023–2024.
The number of individual tax returns increased from 3.5 crore to 6.5 crore from 2013-14 to 2020-21. “One such obligation that is directly tied to nation-building is paying taxes. People’s increased trust in the government and their belief that their taxes are being used for the common good is demonstrated by the growth of the tax base “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 UPI should develop into a tool for global financial inclusion and empowerment. strive for it. To broaden their reach, Modi recommended that financial institutions engage as much as possible with fintechs.