New Delhi: A State Bank Of India (SBI) report on Tuesday said that India's Per capita income is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47.


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In its research titled, "Deciphering emerging Trends in ITR Filing: The Ascent of the new Middle Class in circular migration," the SBI said that in USD terms, India's per capita it is expected to increase from $2500 in FY23 to $12400 in FY47.


The research paper examined how an efficient tax system is incubating a healthy, upwardly mobile “Middle Income Class": Threshold Middle Class Income set to touch Rs 50 lakhs in 2047.


It said that the Threshold Mean Income of “ Indian Middle Income Class” continuously on the rise. Weighted mean income of Rs 4.4 lakh in AY14 has increased to Rs 13 lakh in AY23.


It is projected that weighted mean income is expected to increase from Rs 13 lakhs currently to Rs 49.7 lakhs in 2047, particularly due to increase in number of tax-filers, as also due to shifting of distribution of tax-filers from lower income group to upper income group, the SBI report found.


25% of ITR filers are expected to leave the lowest income strata by FY47, with around 17.5% filers expected to shift to income group of Rs 5 lakh – Rs 10 lakh, 5% expected to shift to income group of Rs 10 lakh – Rs 20 lakh, 3% expected to shift to income group of Rs 20 lakh – Rs 50 lakh. 0.5% of filers are expected to shift to income group of Rs 50 lakh – Rs 1 crore, and 0.075% to income group of above Rs 1 crore by FY47, added the SBI report.