The Crossbill News Desk
The number of Indians reporting annual income of more than Rs 100 crore has risen sharply over the past year, with government data showing an increase of nearly 40% between 2023-24 and 2024-25.
According to figures tabled in parliament, the number of individuals reporting income above Rs 100 crore, or one billion, rose from 415 in 2023-24 to 576 in 2024-25.
The data was provided by Minister of State for Finance Pankaj Chaudhary in response to a question by Congress MP Murari Lal Meena, who sought details on the growing number of high-income individuals in the country.
Meena also asked whether the Union government had compiled information on the estimated aggregate wealth of Indian billionaires and how their wealth had changed over the past five years.
In his response, Chaudhary said the government did not maintain data on the aggregate wealth of taxpayers, noting that the Wealth Tax Act, 1957 had been abolished in April 2016.
The parliamentary exchange also focused on concerns surrounding the concentration of income and wealth and its implications for the broader economy.
Meena asked, “Whether the government has conducted any study regarding the impact of the increasing concentration of income and wealth on income inequality, investment, employment generation and inclusive economic growth.”
Responding to the concerns, Chaudhary cited official data to argue that several indicators pointed towards a decline in inequality and poverty alongside improvements in employment.
He referred to the latest Household Consumption Expenditure Survey (HCES) 2023-24, which showed a decline in the Gini coefficient, a measure of income inequality. The coefficient fell from 0.266 to 0.237 in rural areas and from 0.314 to 0.284 in urban areas compared with 2022-23, according to the minister. Chaudhary said the figures indicated that the gap between rural and urban areas was narrowing.
The minister also cited data from the Periodic Labour Force Survey (PLFS), which he said showed that labour markets had recovered beyond pre-pandemic levels in both rural and urban regions. The unemployment rate among people aged 15 years and above, according to the figures he cited, declined from 3.6% in 2022 to 3.1% in 2025.
The government’s response comes amid continued debate over the distribution of income and wealth in India.
While the number of individuals reporting incomes above Rs 100 crore has increased substantially, the Centre has maintained that broader economic indicators, including inequality measures and employment data, point to improvements in the wider economy.
According to figures tabled in parliament, the number of individuals reporting income above Rs 100 crore, or one billion, rose from 415 in 2023-24 to 576 in 2024-25.
The data was provided by Minister of State for Finance Pankaj Chaudhary in response to a question by Congress MP Murari Lal Meena, who sought details on the growing number of high-income individuals in the country.
Meena also asked whether the Union government had compiled information on the estimated aggregate wealth of Indian billionaires and how their wealth had changed over the past five years.
In his response, Chaudhary said the government did not maintain data on the aggregate wealth of taxpayers, noting that the Wealth Tax Act, 1957 had been abolished in April 2016.
The parliamentary exchange also focused on concerns surrounding the concentration of income and wealth and its implications for the broader economy.
Meena asked, “Whether the government has conducted any study regarding the impact of the increasing concentration of income and wealth on income inequality, investment, employment generation and inclusive economic growth.”
Responding to the concerns, Chaudhary cited official data to argue that several indicators pointed towards a decline in inequality and poverty alongside improvements in employment.
He referred to the latest Household Consumption Expenditure Survey (HCES) 2023-24, which showed a decline in the Gini coefficient, a measure of income inequality. The coefficient fell from 0.266 to 0.237 in rural areas and from 0.314 to 0.284 in urban areas compared with 2022-23, according to the minister. Chaudhary said the figures indicated that the gap between rural and urban areas was narrowing.
The minister also cited data from the Periodic Labour Force Survey (PLFS), which he said showed that labour markets had recovered beyond pre-pandemic levels in both rural and urban regions. The unemployment rate among people aged 15 years and above, according to the figures he cited, declined from 3.6% in 2022 to 3.1% in 2025.
The government’s response comes amid continued debate over the distribution of income and wealth in India.
While the number of individuals reporting incomes above Rs 100 crore has increased substantially, the Centre has maintained that broader economic indicators, including inequality measures and employment data, point to improvements in the wider economy.
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