Indian Prime Minister Narendra Modi recently delivered a noteworthy speech at the 10th webinar on Budget, where he exhorted the country’s private sector to amplify their investment endeavors in the aftermath of the unveiling of the 2023-24 Budget.
Modi vehemently stressed the government’s resolute commitment to capital expenditure, which has been escalated to an unprecedented Rs 10 lakh crore, a figure that has never been seen before in the country’s history. The Prime Minister earnestly urged the private sector to emulate this groundbreaking move and bolster their investment efforts to augment the overall benefits for the nation.
Additionally, Modi expounded on the notable alleviation of the tax burden in India, highlighting the advent of the Goods and Services Tax (GST), along with significant reductions in income and corporate taxes. He extolled these measures leading to an upsurge in tax collection, with gross tax revenue swelling from Rs 11 lakh crore in 2013-14 to a staggering Rs 33 lakh crore in 2023-24, representing an exponential increase of 200%. In fact, the number of individual tax returns filed surged from 3.5 crores to an astounding 6.5 crore between the years 2013-14 and 2020-21, underscoring the success of these policies.
The distinguished Prime Minister of India, Narendra Modi, expounded upon the utmost significance of fulfilling the duty of paying taxes in regard to the collective mission of nation-building. He went on to assert that the augmentation of the tax base serves as an emblematic manifestation of the populace’s unwavering faith in the government’s efficacy, and their unyielding belief that their taxes are allocated towards the greater good of the public.
Modi further emphasized the criticality of technology and its integral role in the facilitation of financial transactions. He propounded that RuPay and UPI, the Unified Payments Interface, are not only cost-efficient and impregnably secure but also embody the very essence of India’s identity on a global scale.
He vigorously advocated for innovation and proposed that UPI be utilized as a transformative tool to catalyze financial inclusion and empowerment on a universal scale. Furthermore, he called for greater synergy and collaboration between financial institutions and fintech to augment their reach and impact.
The Prime Minister’s call to the private sector to increase investment comes as India’s economy is showing signs of recovery from the impact of the COVID-19 pandemic. The government’s push for increased capital expenditure is seen as a key driver of this recovery, with the potential to create jobs and boost economic growth. The government’s focus on reducing the tax burden is also seen as a positive step, as it is expected to increase consumer spending and boost demand in the economy.
In conclusion, Prime Minister Modi’s call to the private sector to increase investment is timely and could provide a much-needed boost to India’s economy. The government’s commitment to capital expenditure and reduction in the tax burden is also expected to support the country’s recovery from the COVID-19 pandemic. With the right policies and partnerships in place, India’s economy has the potential to bounce back stronger than ever.
