Prime Minister Narendra Modi has lauded India’s substantial advancements in the realm of equitable and collective prosperity, hailing the findings of two significant research studies conducted by the State Bank of India (SBI) and renowned journalist Anil Padmanabhan. In a LinkedIn article titled ‘India’s Rising Prosperity,’ PM Modi celebrated the nation’s achievements and shared intriguing insights from the research works.
PM Modi highlighted that the reports underscore achievements that should bring a sense of satisfaction to the populace. He emphasized India’s commendable strides in the realm of prosperity, supported by the valuable insights from the SBI and Anil Padmanabhan’s studies.
Titled ‘The Ascent of the new Middle Class in circular migration,’ the SBI research study garnered attention for its assessment of income tax returns (ITRs) over the past nine years. The prime minister noted that the weighted average income saw a significant leap from ₹4.4 lakh in the assessment year (AY) 2014 to ₹13 lakh in the financial year (FY) 2023. This exponential growth was regarded as commendable.
The SBI study also revealed an encouraging trend in smaller states like Manipur, Mizoram, and Nagaland in the northeast. These states experienced an increase of over 20% in ITR filings during the past nine years, reflecting a positive shift in economic dynamics.
Anil Padmanabhan’s research work titled ‘The Wealth Effect’ was also cited by PM Modi. The study focused on ITR data and suggested a widening tax base across diverse income brackets. PM Modi highlighted that within each income bracket, tax filings had witnessed a threefold rise, with certain cases experiencing even fourfold surges. The study also showcased positive performances in terms of rising ITR filings across states, with Uttar Pradesh emerging as a top-performing state.
PM Modi emphasized that the research findings were not only reflective of collective efforts but also reaffirmed India’s potential as a nation. He expressed optimism that growing prosperity would positively impact national progress. The prime minister envisioned an upcoming era of economic prosperity, asserting that the nation was well on its way to fulfilling the aspirational goal of ‘Viksit Bharat’ by 2047.
The prime minister’s endorsement of these research studies reflects his commitment to celebrating and sharing significant strides in India’s economic and social landscape, fostering a sense of collective accomplishment and inspiring further progress.
Sources By Agencies
