Prime Minister Narendra Modi has brought attention to two noteworthy research studies that shed light on India’s economic progress and its implications for equitable and collective prosperity. The research pieces by SBI Research and journalist Anil Padmanabhan have unveiled compelling insights that underscore the nation’s significant strides in its economic journey.
“I recently had the opportunity to delve into two insightful research works that would pique the interest of those passionate about India’s economy,” stated Prime Minister Modi. The research, conducted by SBI Research and journalist Anil Padmanabhan, offers valuable perspectives on India’s economic trajectory, highlighting aspects that should elicit a sense of contentment and optimism.
The findings reveal a heartening development – India’s notable progress in realizing equitable and collective prosperity. “These analyses provide an uplifting revelation that should bring joy to all of us – India is making remarkable strides towards achieving equitable and collective prosperity,” noted PM Modi. The research outcomes reflect the nation’s dedication to fostering a more inclusive and balanced economic landscape.
Prime Minister Modi took the opportunity to share insightful snippets from the research studies. The research conducted by SBI has highlighted a commendable leap in the weighted mean income over the past nine years. The income trajectory has witnessed a remarkable rise, ascending from Rs 4.4 lakh in Assessment Year (AY) 2014 to an impressive Rs 13 lakh in Fiscal Year (FY) 2023. This remarkable growth serves as a testament to India’s economic dynamism and progress.
Anil Padmanabhan’s study, based on Income Tax Return (ITR) data, has also brought to light a promising trend. The research indicates a broadening tax base across various income brackets, signifying a more inclusive and expanding economic landscape. This trend aligns with India’s vision of fostering comprehensive and sustainable economic growth that benefits citizens from all walks of life.
