Notably, 1.8% of filers even reached the Rs 50 lakh to Rs 1 crore category. Overall, 26.1% of gross income from the lowest income group showed significant increases, with many individuals breaking through the Rs 4-5 lakh and Rs 5-10 lakh thresholds.As per the report, individuals earning up to Rs 3.5 lakh saw their income share decline from 31.8% in Fiscal Year 2014 to just 12.8% in Fiscal Year 2021, suggesting a more robust income growth in higher brackets. The lower income group, specifically those earning less than Rs 5.5 lakh, has demonstrated a positive growth rate over the past decade, with the sole exception of AY 2020, which was impacted by the COVID-19 pandemic.In addition to the income trends, the SBI report highlights a significant increase in female labour force participation. According to the Periodic Labour Force Survey (PLFS), female participation rose from 23.3% in 2017-18 to an impressive 41.7% in 2023-24, marking an increase of 18.4%. The most substantial gains in female participation were observed in states such as Jharkhand, followed closely by Odisha, Uttarakhand, Bihar, and Gujarat.
Source link
