Number of billionaires in India down 136 in FY21

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Number of billionaires in India fell to 136 in FY21

The number of billionaires in India fell from 141 in 2019-20 to 136 in 2020-21, based on the gross total income reported in the income tax return, Finance Minister Nirmala Sitharaman told parliament on Tuesday. The number of people disclosing total gross income of more than 100 billion rupees (one billion rupees) per year in their income statements filed with the income tax authority in 2018-19 was 77, she said in a response to the Rajya -Sabha.

“According to the information available from the Central Board of Direct Taxes (CBDT), there is no legal or administrative definition of the term billionaire under direct taxes. The wealth tax was abolished with effect from 04/01/2016 and therefore CBDT has no” more information capture all of a single taxpayer’s wealth, “she said.

The finance minister released the official poverty figures and said that according to the poverty estimates using the existing method of the Tendulkar Committee, the number of people living below the poverty line in India was estimated at 27 billion (21.9 percent) in 2011-12.

The government has initiated various programs with a focus on “Sabka Saath, Sabka Vikas, Sabka Vishwas” that aim to improve people’s quality of life and promote inclusive development, she said.

As the economic report 2020-21 shows using a composite “essentials index”, access to essentials in terms of drinking water, sanitation, hygiene and living conditions improved significantly from 2012 to 2018, with the poorest having increased disproportionately compared to households the richest households in rural and urban areas, Sitharaman said.

In response to another question, the finance minister replied that the government was constantly monitoring the price situation and that appropriate measures were being taken to maintain price stability.

The government has taken several steps to control inflation, including measures to increase supply to address the gaps between demand and supply for food, such as with supplier countries, impose storage limits on legumes, and use legumes to cool prices through delivery to states and disposal on sale in the open market, she said.

In response to a separate question, Sitharaman said that municipal credit union frauds (UCBs) decreased to 323 in 2020-21, up from 568 in 2019-20.

Regarding state-owned credit union banks (SCBs), she said there were 482 cases in 2020-21, up from 508 the previous year.

As of July 15, 2021, up to 1.33 lakh people were given unsecured loans sanctioned by public sector banks (PSBs) for COVID-19 treatment, Sitharaman said in another response.

PSBs have announced that they have announced the unsecured individual credit facility to help cover COVID-19 treatment costs for the person and their family members, she said.

All existing customers affected by COVID-19 can take advantage of this security-free credit facility from PSBs in the form of a fixed-term loan with repayment periods of three to five years and an initial repayment moratorium of three to six months. She added.

READ MORE: Forbes Richest Billionaires List: Mukesh Ambani India’s richest at $ 84.5 billion, Gautam Adani 2.

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