You are going to get rich as SBI predicts India’s per capita income rise to Rs 14.9 lakh by FY47

You are going to get rich as India’s largest bank, the State Bank of India (SBI) has predicted that the per capita income of the Indians, which is Rs 2 lakh in Financial Year 2023 is expected to rise to Rs 14.9 lakh by Financial Year 2047.

According to reports, the SBI conducted a research based on the emerging trends from the recently-closed ITR filing process. The research report revealed that a significant number of taxpayers migrated upwards by leaving the lower income strata.

The SBI’s research report also showed that the weighted mean income is also likely to increase significantly.

As per the SBI report, the weighted mean income which was Rs 4.4 lakh in AY14 has now increased to Rs 13 lakh. However, as huge number of taxpayers are gradually migrating to upper income group from lower income group, it is further expected to increase to Rs 49.7 lakh in 2047. Till date, a total of 13.6 per cent of taxpayers have migrated upwards as compared to AY12.

Only 68.5 million people filed the ITR in Assessment Year 2023 as 64 per cent population of the country is still in the income group of up to Rs 5 lakh. The SBI report revealed that there was an increase of 8.1 per cent and 3.8 per cent in the income groups of Rs 5 lakh and Rs 10-20 lakh respectively.

In the income group of Rs 20-50 lakh, there was 1.5 per cent increased while in the Rs 50 lakh-1 crore income group, it was 0.2 per cent.

By FY47, around 25 per cent ITR filers will leave the lowest income strata which include 17.5 per cent moving to the Rs 5-10 lakh group, 5 per cent to Rs 10-20 lakh group, and 3 per cent to Rs 20-50 lakh group, said the SBI report. Likewise, 0.5 and 0.075 per cent ITR filers are expected to shift to income groups of Rs 50 lakh – Rs 1 crore and above Rs 1 crore respectively, it added.

The reports further said that the population of the country is expected to increase to 1.6 billion by FY47 from the current 1.4 billion. Simultaneously, the workforce is expected to increase to 725 million from the current 530 million.

Likewise, the workforce with taxable base and ITR filers are expected to increase by in FY47. While the workforce with taxable base is expected to increase to 565 million in FY47 from 313 million in FY23, ITR filers are likely to increase to 482 million in FY47, which is now 70 million.