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Factors that have contributed to this increase in the weighted mean income:
- The economic growth in India over the past few years has led to an increase in incomes across all sections of society.
- The rise of the IT and services sectors, which have created a large number of high-paying jobs.
- The increase in the number of women in the workforce has also led to an increase in household incomes.
- The government’s various initiatives have made it easier for people to file taxes and pay their dues. This is also a reason for the increase in registered income tax payers. With the higher number of income taxpayers filing their income, we can see the rise in the average income.
Why in news?
- The Prime Minister has said that the number of income tax returns shows that the salary of an average Indian has increased from Rs 4 lakh in 2014 to Rs 13 lakh in 9 years.
