India's rising prosperity: PM Modi says nation on course towards fulfilling ‘Viksit Bharat’ dream by 2047
Prime Minister Narendra Modi's LinkedIn post highlights insights from research on India's economic growth, equitable prosperity, and increasing tax compliance, reflecting the nation's strides towards inclusive development.
FollowIn a recent post on LinkedIn, Indian Prime Minister Narendra Modi shared insights from two impactful research pieces that shed light on India's economic growth and its journey towards achieving collective prosperity. The analyses, conducted by SBI Research and noted journalist Anil Padmanabhan, present a promising picture of India's evolving economic landscape.
"These analyses shed light on something that should make us very happy - That India is making remarkable progress on achieving equitable and collective prosperity," wrote PM Modi in the post.
Sharing snippets from these works, PM Modi noted that the SBI Research, based on ITR (Income Tax Return) data, revealed a remarkable leap in the weighted mean income over the past nine years.
"The research by SBI has pointed out (based on ITR returns) 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 prime minister wrote.
PM Modi noted that Anil Padmanabhan's study of ITR data further underscores the widening tax base in India. "Each bracket has seen a minimum threefold increase in tax filings, some even achieving a nearly fourfold surge," he added.
According to PM Modi, one of the most heartening revelations is the positive performance of states in terms of income tax filings. Comparing ITR filings between 2014 and 2023, the data highlights increased tax participation across all states. Uttar Pradesh, for instance, has emerged as a standout performer. The state's ITR filings surged from 1.65 lakh in June 2014 to an impressive 11.92 lakh by June 2023.
"The SBI report also brings forth an encouraging note, highlighting 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," PM Modi further stated.
Prime Minister Modi emphasized that these findings are a testament to the collective efforts of the government and the citizens of India. "This shows that not only have incomes risen but so has compliance. And, this is a manifestation of the spirit of trust which the people have in our Government," he wrote.
"These findings 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," PM Modi concluded.
