According to the SBI Research report, individual income inequality in India has significantly declined in the past 8 years.
As per an economic research report released by the State Bank of India, individual income inequality in India has substantially decreased between the financial years 2013-2014 and 2021-2022.
As per the study, the reason for the reduction is significant movement within the income categories at the lower end of the economic pyramid.
The report is brought out by the Economic Research Department of SBI.
As per the report, income inequality measured through the Gini coefficient of taxable income has reduced significantly from 0.472 to 0.402 during the financial years 2013-14 and 2021-22.
As per the report, 36.3% of taxpayers have migrated from lower income to higher income tax bucket.
The report shows that the top 2.5% of taxpayer’s income contribution has declined from 2.81% to 2.28% during financial years 2013-2014 and 2021-2022.
The report reveals that the income disparity of people earning less than 3.5 lakhs rupees has declined from 31.8% to 15.8% during financial years 2013-2014 and 2021-2022.
This means that the percentage of this income group in the overall income has climbed by 16 percent relative to the population.
