Prime Minister Narendra Modi on Friday said that India is making remarkable progress towards achieving equitable and collective prosperity and cited some reports to say that the country is on the cusp of a new era of economic progress and is poised to develop by 2047. is on its way.

In a post on LinkedIn, Modi said he recently found two insightful research pieces that would interest people passionate about India’s economy: one from SBI Research and another by journalist Anil Padmanabhan.

“These analyzes highlight something we should be very happy about – that India is making remarkable progress towards achieving equitable and collective prosperity,” he said.

Sharing highlights of these reports, he said that SBI Research (based on ITR returns) has pointed out that the weighted average income has shown a commendable jump in the last nine years, from Rs 4.4 lakh in AY 14 to Rs 13 lakh in AY 14. Has occurred. Lakhs in the financial year (FY) 23.

Posting several data points from the two reports, he said these findings not only reflect India’s collective efforts but also reiterate its potential as a nation.

“Increasing prosperity augurs well for national progress. Undoubtedly, we stand on the cusp of a new era of economic prosperity and are moving towards fulfilling our dream of a developed India by 2047,” he said.

The prime minister had unveiled five resolutions in his 2022 Independence Day speech and making India a developed country by 2047 – when the country will celebrate 100 years of independence – was one of them.

Since then, he has repeatedly built his government’s various measures around this goal, calling for an end to evils such as corruption and dynastic politics.

In his post, the Prime Minister said a study of Padmanabhan’s ITR data shows that the tax base is expanding across all income brackets and each of them has seen a minimum three-fold increase in tax filing, some almost four-fold. growth has also been achieved.

The research highlights the positive performance of states in terms of increase in income tax filings. He said that on comparing ITR filings between 2014 and 2023, the data paints a promising picture of increased tax participation across states.

For example, ITR data analysis shows that Uttar Pradesh has emerged as one of the top performing states when it comes to ITR filing. In June 2014, Uttar Pradesh reported a meager 1.65 lakh ITR filings, but by June 2023, this figure is expected to grow to an impressive 11.92 lakh,” he said.

He said that the SBI report also brings out an encouraging aspect that smaller states and that too in the North East Manipur, Mizoram and Nagaland have shown a commendable growth of more than 20 per cent in ITR filing in the last nine years.

“This shows that not only has the income increased, but compliance has also increased. And, it is a manifestation of the people’s sense of trust in our government,” he added.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)

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