India basic facts

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Last Updated: Sunday, 06 September 2020 20:52

Published: Sunday, 06 September 2020 20:47

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Indian Population and Economy:

In India, there are about 250M households (as of 2011, implying 5 people per household which is 3rd highest in the world), of which 140M households (comprising 700M people) are deprived and earn less than $2K/year. That implies less than $5/day for these poor people to feed a family of 5 (implying feeding on less than $1/day). Next 75M households (comprising 400M people) make between $2K-$5K per year. Again, less than $15/day for whole family to feed. In essence, 80% of the population earns less than $1/hour and feeds on less than a $1/day. As per World Food Programme (WFP), 25% of population is in extreme poverty earning less than $2/day. About 800M are poor, and gap between rich and poor is widening as fast as the economy is growing. Next 30M households is the so called middle class, which comprises of 160M people. They make between $5K - $30K and will definitely be considered poor in any western country. That brings us to top 1% of country who are considered rich. These are 3M households comprising 15M people.

https://desiparinda.files.wordpress.com/2014/08/6a00d8341dd33453ef0147e3b81a02970b.png?w=560

As of 2015, about 4 crore (or 40M) Indians filed Income tax returns of which 2 crore paid taxes (meaning they had an income of over $5K). That implies that about 10% of households paid income taxes (population wise, it's just 3% of population). Total number of crorepaties (people making over $200K/year) was 50K only. In contrast, in USA about 15M people make more than that per year. Total income was 35L crore declared on these income tax returns (approx $0.7T assuming $1=Rs50). Companies filed about 1M returns with gross income of Rs. 11L crore ($0.2T).

http://www.indpaedia.com/ind/index.php/Income_Tax_India:_Statistics