Prime Minister Narendra Modi on Tuesday said that RuPay and UPI are more than simply low-cost, highly secure technologies and they also serve as India’s identity in world.
“RuPay and UPI are not just a low-cost and highly secure technology, but it is our identity in the world. There is immense scope for innovation. UPI should become a means of financial inclusion and empowerment for the whole world, we have to collectively work for it. I suggest that our financial institutions should also have maximum partnership with fintechs to increase their reach,” he said at the 10th budget webcast.
Sometimes, even a small step can make a huge difference in boosting the economy, he said and gave the example of buying goods without the bill.
Pointing out that the feeling that there is no harm done by this, PM Modi underlined the need to increase awareness about getting a copy of the bill that will benefit the nation in return.
The benefits of India’s economic development should reach every class and person, he said urging all stakeholders to work with this vision.
The Prime Minister noted that GST, corporate taxes and other tax reforms have greatly reduced India’s tax burden compared to the past.
He also urged India Inc. to increase investment and take advantage of the prospects provided by the Budget 2023–24. In light of this.
“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 added.
According to Modi, the government has increased capital expenditure spending to a record-breaking Rs 10 lakh crore.
Gross tax revenue was approximately Rs 11 lakh crore in 2013–14, and it increased by 200% to Rs 33 lakh crore in 2023–24. From 2013–14 to 2020–21, the number of individual tax returns increased from 3.5 crore to 6.5 crore.
“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 public good,” Modi said.