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‘Remarkable progress…’: PM cites two studies, including SBI report, to laud India's rising prosperity
The prime minister penned a piece on LinkedIn sharing ‘interesting snippets’ from the research works.
Citing two ‘insightful’ research works, one each by the State Bank of India (SBI) and renowned journalist Anil Padmanabhan (former Managing Editor at HT's sister publication Mint), prime minister Narendra Modi on Friday noted that India's progress on the equitable and collective prosperity front has been ‘remarkable.’
In a LinkedIn piece titled ‘India’s Rising Prosperity,' PM Modi stated that the reports shed light on things that should make people ‘very happy.’
The prime minister also shared some ‘interesting’ snippets from each study.
‘The Ascent of the new Middle Class in circular migration’ (SBI)
The SBI report, noted PM Modi, concluded, based on ITRs (income tax returns), that over the past nine years, the weighted average income rose from ₹4.4 lakh in AY (assessment year) 2014 to ₹13 lakh in FY (financial year) 2023; he described it as a ‘commendable’ leap.
It also brought forth an ‘encouraging’ highlight that the smaller states, including Manipur, Mizroam and Nagaland in the northeast, saw an increase of more than 20% in ITR filings in the past nine years.
The Wealth Effect (by Anil Padmanabhan)
Padmanabhan's study on the ITR data, on the other hand, suggests a widening tax base, across various income brackets, the prime minister wrote, adding that within each bracket, there has been at least a threefold rise in tax filings, with fourfold surges in some cases.
He also pointed out how the work highlights positive performances, in terms of rising ITR filings, across states, with Uttar Pradesh emerging as one of the top-performing states (1.65 lakh tax filings in June 2014 to 11.92 in June 2023).
‘These findings not only…’
Continuing his piece, prime minister Modi wrote that the findings from the researches ‘not only reflect our collective efforts but also reiterate our potential as a nation.’
“Growing prosperity augurs well for national progress. 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,” he concluded.
