News

Monday
May, 27

Vaccine: Migration adds Rs 15L cr to states’ GDP, says SBI report

Featured in:



MUMBAI: Internal migration added Rs 15 lakh crore to states’ gross domestic product, a report by SBI shows. According to the report, increase in productivity due to redistribution of human resources far outweighs the loss in GDP of states that are seeing people leave.

The reportanalyses income tax returns to study the impact of circular migration on the rise of the middle class. The weighted mean income of Rs 4.4 lakh in the assessment year 2014 has increased to Rs 13 lakh. It will increase further to Rs 49.7 lakh by 2047 with the distribution of tax filers from lower-income to upper-income groups.
The report notes that among all the major states in India, six – Delhi, Tamil Nadu, Kerala, Gujarat, Karnataka and Maharashtra – have net positive migration. According to the analysis, migrant population contributed 0.5-2.5% of GSDP, with cumulative addition of around 7.8% of GSDP (roughly Rs 15 lakh crore). The negative migration states are UP, Bihar, Rajasthan, Madhya Pradesh, Odisha, Andhra Pradesh, and West Bengal.

‘I-T data shows ascent of new middle class’
Nearly 25% of income tax filers are expected to leave the lowest income strata by FY47 compared to 13.6% leaving the same bracket between assessment years 12-23, an SBI report showed. “Weighted mean income of Rs 4.4 lakh in AY14 (basis ITR returns) has increased to Rs 13 lakh (aided by transition from lower income to upper income group as also buoyancy in the number of tax-filers, who were earlier not reporting income) and to Rs 49.7 lakhs in 2047 with the shifting of distribution of tax-filers from lower income group to upper income,” said the report.





Source link

Find us on

Latest articles

- Advertisement - spot_imgspot_img

Related articles

Google AI Overview calls US President Obama Muslim and...

Google AI Overview calls US President Obama Muslim and tells people to jump off a bridge; company...

‘Real turnaround year’: Suzlon Energy shares get target price...

'Real turnaround year': Suzlon Energy shares get target price revision from ICICI Sec Suzlon Energy has got back...

Mukesh Ambani is taking his giant-killer telecom playbook to...

Mukesh Ambani is taking his giant-killer telecom playbook to Africa. Should Airtel be worried? Radisys, a Reliance Industries...

Adani Enterprises shares in news today as firm to...

Adani Enterprises shares in news today as firm to consider raising of funds Adani Enterprises stock closed 8.01%...

PHD Marketing Takes Top Team to Drupa 2024

PHD Marketing Takes Top Team to Drupa 2024 Leading 360-degree B2B agency PHD Marketing is descending upon Düsseldorf...

Terinex Flexibles Opens Net Zero Co2 Rated Factory Building

Terinex Flexibles Opens Net Zero Co2 Rated Factory Building Terinex Flexibles is pleased to announce the opening of...