‘Cusp of new economic era’: PM Modi shares two reports highlighting India’s rising prosperity | India News
In a post on networking platform LinkedIn, PM Modi said that two research pieces – one by SBI Research and another by journalist Anil Padmanabhan – shed light on India’s “remarkable progress on achieving equitable and collective prosperity.”
PM Modi wrote that the SBI Research report, which analysed income tax returns filed from FY11 to FY22, found that the weighted mean income has made a “commendable leap” in the last 9 years, rising from Rs 4.4 lakh in AY14 to Rs 13 lakh in FY23.
Furthermore, PM Modi said that Padmanabhan’s study of ITR data suggests a widening tax base, across various income brackets.
Citing a graph on individual tax filing, PM Modi said that each bracket saw a minimum threefold increase in tax filings.
Highlighting another encouraging facet, PM Modi said the research highlights the positive performance vis-a-vis 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,” PM Modi wrote.
The Prime Minister, citing the study, noted that Uttar Pradesh has emerged as one of the top-performing states when it comes to ITR filings.
PM Modi also pointed out an interesting finding in the SBI report, which said that smaller states, including those from the northeast, have exhibited an admirable growth of over 20% in ITR filings in the last 9 years.
“These findings not only reflect our collective efforts but also reiterate our potential as a nation. Growing prosperity augurs well for national progress,” the Prime Minister said, adding that India is standing at the cusp of a new era of economic prosperity.
