Number Of Indian Billionaires At 136 In FY21
- ByAyushi Ray | August 10, 2021
Who said India is a poor country? Number of Indian Billionaires at 136 in fiscal year 2021. This was based on the gross total income declared in the income tax return, Finance Minister Nirmala Sitharaman informed Parliament on Tuesday. The number of individuals disclosing a gross total income of more than Rs 100 crore (one billion rupees) in a year in his/her return of income filed with the Income Tax Department during 2018-19 stood at 77, she said in a reply to the Rajya Sabha. ‘As per the information available with Central Board of Direct Taxes (CBDT), there is no legislative or administrative definition of the term billionaire under direct taxes. Wealth tax has been abolished with effect from 01.04.2016 and, therefore, CBDT does not any more capture information about complete wealth of an individual taxpayer,’ she said.
Sharing official poverty numbers, the finance minister said that as per the poverty estimates following the extant Tendulkar Committee methodology, the number of persons living below the poverty line in India was estimated as 27 crore (21.9 per cent) in 2011-12. The government, with the emphasis on ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’, has initiated various schemes that aim to improve the quality of life of the people and foster inclusive development, she said. As shown in Economic Survey 2020-21 using a composite ‘Bare Necessities Index’, access to the bare necessities of drinking water, sanitation, hygiene, and housing condition, has improved significantly from 2012 to 2018, with disproportionately higher improvement seen for the poorest households compared to the richest households across both rural and urban areas, Sitharaman said
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