New Delhi [India], October 23 : Alleging that the "widening gap" between the ultra-rich and the middle class is "more and more apparent" under the Modi government, Congress MP Jairam Ramesh on Monday said analysis of income tax returns from 2013-14 to 2021-22 "confirmed" increasing income inequalities in the country.
The analysis of income tax returns reveals a widening gap between the ultra-rich and the middle class during the tenure of the Modi government. The data speaks volumesduring the financial year 2013-14, the top 1 per cent of income taxpayers collectively accounted for 17 per cent of all income, Jairam Ramesh claimed in a post on X (formerly Twitter).
Fast forward to 2021-22, and that same elite group was responsible for a staggering 23 per cent of the nation's income, he claimed.
"An analysis of the publicly available data on income tax returns for the period 2013-14 to 2021-22 confirms one of the essential themes of the Bharat Jodo Yatrathat of increasing income inequalities. The widening gap between the ultra-rich and the middle class under the Modi government is more and more apparent. Here's the proof: The top 1% of income taxpayers made 17% of all income in 2013-14. By 2021-22, the top 1% made 23% of all income. Further, the income growth of the ultra-rich was much faster than for the middle class. The top 1% of income taxpayers saw their income grow at 13% year-on-year from 2013-14 to 2021-22 a massive 60% faster than the income of the lowest 25% of taxpayers. Not only that, after adjusting for inflation, the lowest 25% of tax-payers actually took home LESS real income in 2022, than in 2019. Gross income of the lowest 25% fell by 11%, from Rs3.8 lakh crore in FY19 to Rs3.4 lakh crore in FY22. Meanwhile, the real income of the top 1% jumped 30% from Rs7.9 lakh crore in FY19 to Rs10.2 lakh crore in FY22. Figures don't lie. Only the Prime Minister does," Ramesh posted on X (formerly Twitter).
The income growth of the ultra-rich has consistently outpaced that of the middle class. The top 1 per cent of income taxpayers witnessed a remarkable year-on-year income growth rate of 13 per cent from 2013-14 to 2021-22, the senior Congress leader claimed.
This rapid increase outpaced the income growth of the lowest 25 per cent of taxpayers by 60 per cent. The gross income of this group fell by 11 per cent, dropping from Rs 3.8 lakh crore in financial year (FY) 19 to Rs 3.4 lakh crore in FY22, he claimed.
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