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Published: Mar 08, 2023
Updated: Mar 08, 2023

PM Modi urges India Inc to boost investment to take advantage of Budget 2023-24

Introduction: In the 10th webinar on Budget, Prime Minister Narendra Modi addressed India Inc and urged them to increase investment and capitalize on the opportunities presented in the recently unveiled Budget 2023-24. He highlighted that the government has increased its outlay on capital expenditure to the highest-ever amount of Rs 10 lakh crore.

Increased Investment by Private Sector

PM Modi called upon the private sector to follow suit and increase their investment, so the country can maximise its benefits. He emphasized that the tax burden has significantly reduced in India compared to the past due to GST, reduced income tax, and corporate tax. Better tax collection is a result, with gross tax revenue increasing from Rs 11 lakh crore in 2013-14 to Rs 33 lakh crore in 2023-24, a 200% increase.

Increase in Tax Base

The number of individual tax returns has also increased from 3.5 crore to 6.5 crore from 2013-14 to 2020-21. PM Modi believes that paying taxes is a duty directly related to nation-building. The increase in the tax base shows that people have faith in the government and believe that the taxes they pay are spent for public good.

Innovation and Financial Inclusion

PM Modi also highlighted the importance of innovation and financial inclusion. He mentioned that RuPay and UPI are not only low-cost and highly secure technologies but also India's identity in the world. There is immense scope for innovation, and UPI should become a means of financial inclusion and empowerment for the whole world. He suggested that financial institutions should partner with fintechs to increase their reach.

PM's announcement comes as Budget 2023-24 sets highest ever CAPEX amount

PM Modi's appeal to India Inc to increase investment comes at a crucial time when the government has set aside the highest-ever amount for capital expenditure in the Budget 2023-24. The reduction in tax burden and increase in tax collection indicate that people have faith in the government, and there is immense potential for innovation and financial inclusion. India Inc's increased investment can help realize this potential and contribute to the country's growth and development.