Prime Minister Narendra Modi today asked the private sector to increase investments, following in the footsteps of the government increasing the capital expenditure budget to a whopping Rs 10 lakh crore in the upcoming financial year. “The government has increased outlay on capital expenditure to Rs 10 lakh crore, the highest ever. 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,” Modi said at an event today.
UPI, Rupay becoming India’s identity in the world
“India is moving ahead in digital currency. In the 75th year of Independence, 75,000 crore transactions were done digitally via UPI, this proves RuPay and UPI are not just low-cost and highly secure technology, it is our identity in the world,” Modi said. He pitched UPI as a future means of financial inclusion and empowerment for the whole world. “We have to work for it,” he said, adding that there is immense scope for innovation. “Financial institutions should also have a maximum partnership with fintech to increase their reach,” Modi said.
Tax revenue increased 200% in 10 years due to tax cuts
“As opposed to the past, the tax burden has come down significantly in India due to a reduction in income tax and corporate tax. This has resulted in better tax collection. 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 increased from 3.5 crore to 6.5 crore from 2013-14 to 2020-21. Paying tax is such a duty, which is directly related to nation-building. The increase in the tax base is proof that people have faith in the government, and they believe that the tax paid is being spent for the public good,” PM Modi said.
Banking system needs to be supported like MSMEs
“In 2021-2022 India received the highest Foreign Direct Investment (FDI). The need of the hour is that the benefits of strength in India’s banking system should reach the maximum number of people. The banking system needs the handholding of almost all sectors just like we supported the MSMEs. The banking sector which was under stress a decade ago is now profitable,” PM Modi said.