Prime Minister Narendra Modi stated on Friday that India is making significant progress towards achieving equal and collective prosperity. He referred to two research pieces by SBI Research and journalist Anil Padmanabhan, which highlight India’s economic progress. According to the SBI Research, the average income has increased from Rs 4.4 lakh in 2014 to Rs 13 lakh in 2023. This growth reflects India’s collective efforts and potential as a nation. Modi emphasized that this prosperity will contribute to national progress and bring India closer to its goal of becoming a developed country by 2047.
In his 2022 Independence Day speech, the prime minister outlined five resolves, one of which was making India a developed country by 2047. Since then, he has consistently focused on this goal and called for the eradication of corruption and dynastic politics. Padmanabhan’s study of income tax return data shows a widening tax base across income brackets, with a minimum threefold increase in tax filings. The research also highlights the positive performance in terms of increased tax participation across all states. For example, Uttar Pradesh has seen a significant rise in tax filings, from 1.65 lakh in 2014 to 11.92 lakh in 2023. Smaller states like Manipur, Mizoram, and Nagaland in the northeast have also shown admirable growth in tax filings.
Modi sees this increase in income and tax compliance as a manifestation of the trust people have in the government. He believes that India is on the path to economic prosperity and is confident that the country will fulfill its dream of becoming a developed nation by 2047.
