Key Points
Prime Minister Narendra Modi hailed the reports highlighting the average income of the middle class has risen over the years, saying that India is making remarkable progress in achieving equitable and collective prosperity...
Citing the research of SBI titled Deciphering Emerging Trends in ITR Filing: The Ascent of the New Middle Class in Circular Migration, the PM pointed out 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 highlighted that our smaller states and that too from the Northeast, namely Manipur, Mizoram, and Nagaland, have exhibited an admirable growth of over 20 per cent in ITR filings in the last 9 years, he said...
For instance, ITR data analysis shows the state of Uttar Pradesh has emerged as one of the top-performing states when it comes to ITR filings, he wrote, adding that 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...
As per the report, the average income is expected to go up further to Rs 49.70 lakh by 2047, helped by a combination of more tax filers and a shift in the distribution of tax filers from the lower to the higher income group...
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