According to SBI Research, the per capita income of Indians as determined by income tax filing is anticipated to rise from US$ 2,398.79 (about Rs. 2 lakh) in FY23 to US$ 17,870.96 (roughly Rs. 14.9 lakh) in FY47, which coincides with the country’s 100th years of independence.
According to the Group Chief Economic Adviser at State Bank of India, Ms. Soumya Kanti Ghosh, the weighted mean income in AY14 was US$ 5,277.33 (Rs. 4.4 lakh). In FY23, it increased to US$ 15,592.11 (Rs. 13 lakh). The increased number of tax filers has contributed to the rising trend.
She believes that the middle class is expanding. It is more forward-thinking than much corresponding study has been able to portray. This class illustrates a state of mind filled with abundant hope.
This may necessitate new definitions since it portrays a unique state of flux, harnessing emerging opportunities as the economy formalises and the share of the gig economy grows, according to Ms. Ghosh.
The Indian population is predicted to grow to 1.6 billion in FY47, up from 1.4 billion in FY23, and the workforce to 725 million in FY47, up from 530 million in FY23. This would imply increasing the working proportion of the population from 37.9% in FY23 to 45% in FY47.
According to SBI Research, the workforce with a taxable basis is predicted to grow to 565 million in FY47, up from 313 million in FY23. The number of income-tax filers is predicted to rise from 70 million in FY23 to 482 million in FY47.
