576 Indians report income over ₹100 crore in FY26; billionaires grow 4x in 5 years
UPSC / SSC current affairs note · Economy
Why in news
Minister of State for Finance Pankaj Chaudhary informed Lok Sabha on 27 July 2026 that the number of individuals reporting gross total income of ₹100 crore or more has surged to 576 in AY26, a four-fold increase from 142 in AY22. This highlights rising income concentration and wealth inequality in India.
Background
The Income-Tax Act (both old 1961 and new 2025) does not define 'billionaire'. The government tracks high-income individuals through ITR data. The Periodic Labour Force Survey (PLFS) shows unemployment declining from 3.6% (2022) to 3.1% (2025).
Key facts
576 individuals reported gross total income of ₹100 crore or more in AY26 (FY26).
This is a 4x increase from 142 such individuals in AY22.
AY23: 301; AY24: 284; AY25: 415; AY26: 576.
The Income-Tax Act (1961 and 2025) does not define 'billionaire'.
Unemployment rate for age 15+ fell from 3.6% (2022) to 3.1% (2025) as per PLFS.
Labour markets have recovered beyond pre-COVID levels in urban and rural areas.
Prelims pointers
- AY26: Assessment Year 2025-26 (FY25-26).
- PLFS: Periodic Labour Force Survey by Ministry of Statistics and Programme Implementation.
- Income-Tax Act 2025 (ITA 2025) replaced the Income-Tax Act 1961.
- MoS Finance: Pankaj Chaudhary.
Mains angles
- Discuss the trends in income inequality in India and the effectiveness of progressive taxation.
- Critically examine the relationship between rising high-income individuals and inclusive economic growth.
- Analyze the adequacy of the Income-Tax Act in addressing wealth concentration.