In the latest report of SBI Research, it has been said that India will become a higher income economy from the lower income group economy from the financial year 2047. There will be a substantial increase in income, population and workforce.
In the year 2047, when India will be celebrating 100 years of its independence, the per capita income of the country will increase by 7.5 times as compared to today. Economists of SBI Research have made this claim in one of their research. Based on income tax return data, SBI Research has predicted that India’s annual per capita income will reach Rs 14.9 lakh i.e. $12,400 by the year 2047.
In the financial year 2023, it was two lakh rupees i.e. $ 2,500. The report of SBI Research came at a time when Prime Minister Narendra Modi is also claiming the country to become a developed nation by the year 2047. Prime Minister Narendra Modi has also said in many forums that India will become the world’s third largest economy by the year 2028.
SBI Research claims that the weighted average income of taxpayers will increase from Rs 13 lakh in FY2022 to Rs 49.9 lakh in FY47 and India will move from lower income group to high-income group economy. There will be a huge increase in the number of people paying income tax till the year 2047. In the year 2014, a total of 21 lakh people had filled ITR. In the year 2023, this number has increased to eight and a half crores. It is expected to increase to 48.2 crores by the year 2047.
Tremendous increase in middle class income
According to Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI, there will be a sustained good growth in the income of the middle class. The middle class is full of hope. The share of gig economy in the economy will also increase. By 2047, the population of India will also increase. It will increase from 140 crores in the financial year 2023 to 160 crores in the year 2047.
With the increase in population, the workforce will also increase. In the financial year 2023, India’s workforce was 53 crores, which will be 72.7 crores in 2047. The share of taxable workforce was 22.4 per cent in FY23, which will increase to 85.3 per cent by 2047. It has been said in the report that by the financial year 2047, the number of people filing zero tax returns will also decline by 25 percent.
