India has witnessed a sharp rise in the number of ultra-rich taxpayers over the past five years, with individuals reporting an annual income of more than Rs 100 crore increasing by nearly 300%, according to data tabled in Parliament.
Replying to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 142 individuals declared an income exceeding Rs 100 crore in Assessment Year (AY) 2021-22.
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The figure rose to 301 in AY 2022-23, 284 in AY 2023-24, 415 in AY 2024-25 and further climbed to 576 in AY 2025-26.
The government clarified that there is no statutory definition of the term "billionaire" under the Income-Tax Act, 2025, and therefore shared data for taxpayers reporting annual incomes above Rs 100 crore based on Income Tax Return filings.
Responding to concerns over widening income inequality, the Finance Ministry cited multiple indicators suggesting improvements in income distribution and employment.
"As per the latest Household Consumption Expenditure Survey 2023-24, the Gini coefficient for rural and urban areas is 0.237 and 0.284, respectively, down from 0.266 and 0.314 in 2022-23. This shows that the rural-urban gap is narrowing," it said.
The ministry also highlighted a recovery in labour markets, noting that the unemployment rate for people aged 15 years and above fell to 3.1% in 2023-24, based on the latest Periodic Labour Force Survey.
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To address income inequality and promote inclusive growth, the government said it has adopted a mix of progressive taxation, employment-generation measures and higher spending on social welfare, including health, education, housing and rural development.
It also pointed to infrastructure-led investment and targeted tax incentives aimed at boosting job creation and economic growth.
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