Key Points
SK Ghosh, Group Chief Economic Adviser, SBI, says analysing I-T data showed that close to 14% of the overall tax filers have left the income group of less than Rs 5 lakh and moved on to a higher income group..
Also if you look into the overall tax return data, the most important finding is that close to 14% of the overall tax filers have left the income group of less than Rs 5 lakhs and moved on to a higher income group..
So that gives us this per capita income of close to around $15,000 and the middle income category of around Rs 50 lakh over the next 25 years from the current Rs 13.3 lakh...
Yes, per capita income is always an important consideration but if you look into the data of per capita income in the last seven to eight years, even if you look at the IMF data, current prices, it has actually doubled..
But taking aside all those things, even in the current rate of growth of 11% nominal GDP and the per capita income, if we are assuming that the Indian economy grows at this rate, maybe for that 6.5% or so for the next 25 years, this jump in the per capita income will be a natural phenomenon...
