New Delhi–The number of individuals reporting annual income of more than Rs 100 crore nearly quadrupled over the past five years, according to data presented to Parliament on Monday.
Minister of State for Finance Pankaj Chaudhary said in a written response to the Lok Sabha that 576 individuals declared income exceeding Rs 100 crore in Assessment Year 2025-26, up from 142 in Assessment Year 2021-22.
The increase represents growth of about 300% over the five-year period.
The number of taxpayers in the category rose to 301 in Assessment Year 2022-23 before declining slightly to 284 in 2023-24. It then increased to 415 in 2024-25 and 576 in 2025-26.
The government said the Income-Tax Act, 2025, does not provide a statutory definition of the term “billionaire.” It therefore submitted data on individuals reporting annual income above Rs 100 crore based on income tax returns.
Responding to a question about income inequality, the government said recent economic indicators pointed to improvements in income distribution and employment.
Data from the Household Consumption Expenditure Survey 2023-24 showed that the Gini coefficient declined to 0.237 in rural areas from 0.266 a year earlier. In urban areas, it fell to 0.284 from 0.314.
A lower Gini coefficient generally indicates a more even distribution of consumption or income.
The government also cited improving labor market conditions, noting that the unemployment rate among people ages 15 and older declined to 3.1% in 2023-24, according to the Periodic Labor Force Survey.
It said income inequality was being addressed through progressive taxation, employment programs and increased public spending on health, education, housing and rural development.
Infrastructure investment and targeted tax incentives are also intended to support job creation and broader economic growth, the government said. (Source: IANS)
