Prime Minister Narendra Modi today urged India Inc to increase investments and tap the opportunities revealed in the Budget 2023-24.
Speaking at the 10th Budget Webinar, PM Modi said the government has increased capital expenditure to Rs 10 lakh, the highest ever.
In this regard, he said: “I would also encourage 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 the tax burden in India has come down significantly as compared to earlier due to reduction in GST, income tax and corporate tax.
According to him, this has led to better tax collection. In 2013-14, the total tax revenue was around Rs 11 crore, which has increased to Rs 33 crore in 2023-24, an increase of 200 per cent. The number of individual tax returns increased from 3.5 million to 6.5 million from 2013-14 to 2020-21.
“Paying taxes is a duty directly related to nation-building. An increase in the tax base is proof that people trust the government and believe that the tax they pay will be used for public good,” PM Modi said. .
He further said that RuPay and UPI are not only a low-cost and highly secure technology, but also unique to us in the world.
There is a lot of scope for innovation and UPI should become a tool for financial inclusion and empowerment for the whole world, we must work for it.
Prime Minister Modi suggested that financial institutions should partner with fintechs as much as possible.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)
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