NE NEWS SERVICE
NEW DELHI, AUG 18
Prime Minister Narendra Modi has posted on social media site LinkedIn about how India is making remarkable progress on achieving equitable and collective prosperity.
He shared interesting snippets from two research works on ‘India’s Rising Prosperity’. One from SBI Research (https://sbi.co.in/documents/13958/25272736/170823-The+Ascent+of+Indian+Middle+Income+Class.pdf/0e5d0d78-fd9e-b84b-3d64-11c62ac12f63?t=1692256905027) and another by Anil Padmanabhan (https://thecapitalcalculus.substack.com/p/the-wealth-effect), a noted journalist.
SBI Research
- The research by SBI has pointed out (based on ITR returns) that the weighted mean income has made a commendable leap in the last 9 years, from Rs 4.4 lakh in AY14 to Rs 13 lakh in FY23.
- The SBI report also brings forth an encouraging note, highlighting that our smaller states and that too from the Northeast, namely Manipur, Mizoram, and Nagaland, have exhibited an admirable growth of over 20% in ITR filings in the last 9 years.
- This shows that not only have incomes risen but so has compliance. And, this is a manifestation of the spirit of trust that the people have in our government.
Padmanabhan’s Research
- His study of ITR data suggests a widening tax base, across various income brackets.
- Each bracket has seen a minimum threefold increase in tax filings, some even achieving a nearly fourfold surge.
- Further, the research highlights the positive performance, in terms of increase in Income tax filings, across states.
- When comparing ITR filings between 2014 and 2023, the data paints a promising picture of increased tax participation across all states.
- ITR data analysis shows the state of Uttar Pradesh has emerged as one of the top-performing states when it comes to ITR filings.
- In June 2014, Uttar Pradesh reported a modest 1.65 lakh ITR filings, but by June 2023, this figure had skyrocketed to an impressive 11.92 lakh.
The Prime Minister also stated that these results confirm India’s potential as a country and reflect its collaborative efforts. Growing prosperity implies positive societal advancement. “Undoubtedly, we are standing at the cusp of a new era of economic prosperity and are on course towards fulfilling our dream ‘Viksit Bharat’ by 2047,” PM Modi added.
The post can be seen at https://www.linkedin.com/pulse/indias-rising-prosperity-narendra-modi
