SBI Research Reports Claims Income Inequality Is Declining In India 36 Percent Of Taxpayers Moved To Higher Income Bracket From Lower Income

SBI Research Report: The country's largest State Bank of India has claimed in one of its research reports that economic inequality has reduced in the country. According to the report, if we look at the taxable income of people through income tax return data, the inequality in people's income has reduced from 0.472 to 0.402 during assessment year 2014-15 to assessment year 2022-23.

SBI said in its report that during the assessment year 2014-15, 36.3 percent of taxpayers with income segment of less than Rs 3.5 lakh have now come out of this income group and have moved into the higher income segment. According to the report, 15.3 percent taxpayers in the annual income segment of Rs 3.5 to 5 lakh and Rs 5 to 10 lakh have shifted. 5.2 percent people have gone into the income segment of Rs 10 to 20 lakh. The rest have moved into the bracket above Rs 20 lakh annual income.

According to the report, out of 21.1 percent people included in the income group of less than Rs 4 lakh, 6.6 percent have gone into the income bracket of Rs 4 to 5 lakh. 7.1 percent have shifted to the group of annual income of Rs 5 to 10 lakh. 2.9 percent have come in the annual income segment of Rs 20 to 50 lakh and 0.8 percent have come in the group of annual income of Rs 50 lakh to 1 crore. According to the report, 7 crore taxpayers had filed income tax returns in assessment year 2022, whose number has increased to 7.40 crore in assessment year 23. And in the assessment year 2023-24, 8.20 crore taxpayers have filed returns. And by the end of the financial year on March 31, 2024, this number can increase to 8.50 crores.

SBI said in its research report that the claims being raised about the K-shaped recovery of the Indian economy after the pandemic are flawed, biased and fabricated. The report said that after the pandemic, Indians are investing their savings in physical assets including real estate. According to the SBI report, to take advantage of low interest rates after the Covid-19 pandemic, in India too, as per the global trend, people are shifting their savings from financial assets to physical assets.

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