Prime Minister Narendra Modi on Friday shared his blog post on ‘India’s Rising Prosperity’, where he talked about the country’s thriving economy. The blog is posted on the LinkedIn platform. In his post, the Prime Minister mentioned about two research pieces on India’s economy: One from SBI Research and another by Anil Padmanabhan, a noted journalist.
Sharing the post, PM Modi said these analyses provide information that should excite everyone – that India is making remarkable strides towards achieving equitable and collective prosperity.
Here are some interesting snippets from these research works:
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.