PM Modi Cites Reports to Assert India on Cusp of New Era of Economic Prosperity

New Delhi: Prime Minister Narendra Modi on Friday said that India is making remarkable progress towards achieving equitable and collective prosperity. Citing two reports, the Prime Minister also said that the country is standing on the cusp of a new era of economic prosperity and is on course towards fulfilling our dream of "viksit Bharat" by 2047.

In a post on LinkedIn, Modi pointed out that he recently came across two insightful research pieces that will interest all those passionate about India's economy — one from SBI Research and another by journalist Anil Padmanabhan.

"These analyses shed light on something that should make us happy -- that India is making remarkable progress on achieving equitable and collective prosperity," the Prime Minister said.

Sharing highlights from the two reports, Modi noted that SBI Research has pointed out (based on ITR returns) that the weighted mean income has made a commendable leap over the last nine years, from Rs 4.4 lakh in assessment year 2014 to Rs 13 lakh in financial year 2023.

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

"Growing prosperity augurs well for national progress. Undoubtedly, we are standing on the cusp of a new era of economic prosperity and are on course towards fulfilling our dream of viksit Bharat by 2047," Modi said.

In his 2022 Independence Day speech, the Prime Minister had unveiled five resolutions. Making India a developed country by 2047, when the country will celebrate 100 years of Independence, was one of them.

In his post, the Prime Minister said that Padmanabhan's study of ITR data suggests a widening tax base across income brackets and each of them has seen a minimum threefold increase in tax filings, some even achieving a nearly fourfold surge.

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

The Prime Minister pointed out that the ITR data analysis shows the state of Uttar Pradesh has emerged as one of the top-performing states when it comes to
ITR filings. "In June 2014, Uttar Pradesh reported a modest 1.65 lakh ITR filings, but by June 2023, this figure had skyrocketed to an impressive 11.92 lakh," he said.

The Prime Minister further noted that the SBI report also brings forth an encouraging aspect — the smaller states and that too from the Northeast, namely Manipur, Mizoram, and Nagaland, have exhibited an admirable growth of over 20 per cent in ITR filings over the past nine years.

"This shows that not only have incomes risen, but so has compliance. And this is a manifestation of the spirit of trust that the people have in our government," the Prime Minister added.