PM Modi asks India Inc to step up investment

New Delhi: Prime Minister Narendra Modi on Tuesday urged India Inc to increase investment and take advantage of the opportunities unveiled in the Budget 2023-24.

Addressing the 10th webinar on Budget, Modi said the government has increased outlay on capital expenditure to Rs 10 lakh crore, the highest ever.

In this backdrop, he said, "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." The prime minister further 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. 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 per cent. The number of individual tax returns increased from 3.5 crores to 6.5 crores 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," Modi said.

He further said RuPay and UPI are not just low-cost and highly secure technology, but it is our 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, we have to work for it.

Modi suggested that financial institutions should also have a maximum partnership with fintech to increase their reach.