Take advantage of Budget initiatives and invest, PM asks India Inc
New Delhi, March 7
Prime Minister Narendra Modi on Tuesday urged India Inc to increase investment in tandem with the government’s decision to raise capital expenditure (capex) and take advantage of the opportunities unveiled in the Budget 2023-24.
Addressing the 10th webinar on Budget, Modi said the government had increased outlay on capex to a historic high of Rs 10 lakh crore.
He said India is being described as a bright spot of the global economy and the country has attracted the highest FDI in the country in the year 2021-22 with major part going into manufacturing sector.
“I would also call upon the private sector of the country to increase their investment just like the government so that the country gets maximum benefit from it,” he said while talking about the key proposals of the Budget.
He stressed that applications are continuously pouring in to avail of the Production Linked Incentive (PLI) scheme which makes India an important part of the global supply chain.
Dwelling on the tax-related post-Budget narratives, the prime minister 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, he said, has resulted in better tax collection as the gross tax revenue was about Rs 11 lakh crore in FY14, which can rise to Rs 33 lakh crore in 2023-24, 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, he said.
