India is making “remarkable progress on achieving equitable and collective prosperity”, with Income Tax returns data showing a leap in mean income over the last nine years, Prime Minister Narendra Modi said in a LinkedIn post on Friday citing a study by SBI Research.
The report by State Bank of India Research stated that weighted mean income increased to Rs 13 lakh in assessment year 2022-23 (financial year 2021-22) and is expected to increase to Rs 49.7 lakh in 2047 with a transition from lower income group to upper income group along with a rise in the number of tax filers who were earlier not reporting income.