India has come a long way since its Independence in 1947. In these 75 years of freedom, India has tasted economic success and emerged as one of the most promising and rapidly growing countries. In terms of individual incomes also, there has been a substantial growth as more Indians are now having a healthy monthly income than, say, 2 decades back.
The increasing wealth of individuals is also reflected in the increasing number of Income Tax filers in the country. Till 31 July 2022, more than 5.8 crore Income Tax Returns (ITRs) were filed for Assessment Year 2022-23. However, when compared to the overall population of the country, the total number of tax filers in the country is very less. The Government has been trying to bring more and more people into the tax net through various strategies.
The Government doesn’t officially maintain the data on the income of households. However, as per the Department of Revenue data, there were more than 76 lakh individuals having income between Rs 10 lakh and Rs 1 crore in the Assessment Year 2021-22. In the previous assessment year, the number of such individuals was over 72 lakhs.
There are not many crorepatis in the country. As per the official data, the number of individuals having income above Rs 1 crore in AY 2021-22 was just 1,31,390. The number of such individuals in the previous year was 1,25,023.
Indian earning Rs 10 lakh and above per year
The Government has taken several measures to address the issues of poverty and inequality.
“Government has made several targeted interventions to address the issues of poverty and inequality and mitigate the adverse impact of the pandemic on the lives and livelihoods of the people, particularly the vulnerable sections of the society,” the Union Minister of State for Finance Pankaj Chaudhary recently said in a written reply to a query in the parliament.
In FY 2020-21, Central Government announced a special economic package of Rs.29.87 lakh crore under Atma Nirbhar Bharat (ANB), measures announced by RBI, and PM Garib Kalyan Yojana to combat the impact of the COVID-19 pandemic, to revive economic growth and to bolster employment.
“The package included, among others, in-kind (food; cooking gas) and cash transfers to vulnerable sections; insurance coverage for workers in the healthcare sector; employment provision measures for migrant workers under Pradhan Mantri Garib Kalyan Rojgar Abhiyaan, increased allocation under MGNREGS, credit guarantee and equity infusion-based relief measures for MSMEs and NBFCs and regulatory and compliance measures, amongst others,” Chaudhary said.