“Increasing prosperity bodes well for national progress. Undoubtedly, we are on the cusp of a new era of economic prosperity and on track to fulfill our dream of ‘Viksit Bharat’ by 2047,” he said in a LinkedIn post.
The Prime Minister referred to a recent SBI report, which had used income tax filing data to indicate that the weighted average income had risen almost three times to Rs.13 lakh in 2022-2023, from Rs.4.4 lakh nine years ago.
He also used a journalist’s analysis Anil Padmanabhansuggesting that there was a broadening of the tax base across all income brackets, with at least a three-fold increase in tax returns in each income bracket.
‘HIGH, Bihar see a sharp increase in IT feedback”
The blog post also noted that tax returns have increased in all states, with sharp increases in UP and Bihar.
UP, for example, has seen income tax returns increase more than sevenfold – from over 1.6 lakh in June 2014 to over 11.9 lakh last June. The SBI report stated that smaller states, including ManipurMizoram and Nagaland saw over 20% growth during this period.
“These analyzes shed light on something that should make us very happy – that India is making remarkable progress towards achieving equitable and collective prosperity,” the Prime Minister said in a post on the professional networking platform.
Modi also reiterated that greater trust in citizens has led to better compliance. “This shows that not only have incomes increased, but also compliance. And this is an expression of the trust that people have in our government,” he said in the post.
In his Independence Day address, the Prime Minister had said that around 13.5 million Indians, based on the estimates of the NITI Aayog Multidimensional Poverty Index, had emerged from poverty and entered the new middle class.
“As poverty in the country decreases, the power of the country’s middle class increases manyfold… As the purchasing power of the poor increases, so does the power of the middle class to do business,” he had said.
