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Variety of billionaires in India all the way down to 136 in FY21
The variety of billionaires in India got here all the way down to 136 in 2020-21 from 141 in 2019-20, primarily based on the gross complete revenue declared within the revenue tax return, Finance Minister Nirmala Sitharaman knowledgeable Parliament on Tuesday. The variety of people disclosing a gross complete revenue of greater than Rs 100 crore (one billion rupees) in a yr in his/her return of revenue filed with the Revenue Tax Division throughout 2018-19 stood at 77, she stated in a reply to the Rajya Sabha.
“As per the knowledge out there with Central Board of Direct Taxes (CBDT), there isn’t any legislative or administrative definition of the time period billionaire below direct taxes. Wealth tax has been abolished with impact from 01.04.2016 and, subsequently, CBDT doesn’t any extra seize details about full wealth of a person taxpayer,” she stated.
Sharing official poverty numbers, the finance minister stated that as per the poverty estimates following the extant Tendulkar Committee methodology, the variety of individuals dwelling under the poverty line in India was estimated as 27 crore (21.9 per cent) in 2011-12.
The federal government, with the emphasis on ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’, has initiated varied schemes that purpose to enhance the standard of lifetime of the individuals and foster inclusive improvement, she stated.
As proven in Financial Survey 2020-21 utilizing a composite ‘Naked Requirements Index’, entry to the naked requirements of consuming water, sanitation, hygiene, and housing situation, has improved considerably from 2012 to 2018, with disproportionately larger enchancment seen for the poorest households in comparison with the richest households throughout each rural and concrete areas, Sitharaman stated.
Replying to a different query, the finance minister stated the worth state of affairs is continually monitored by the federal government and acceptable measures are taken to take care of worth stability.
The federal government has taken a number of steps to regulate inflation, together with provide augmentation measures to deal with the demand-supply mismatches of meals commodities, akin to reducing of import duties on edible oils, liberalising import coverage for pulses and edible oils, signing MoUs for import of pulses with provider international locations, imposing inventory limits for pulses and utilisation of pulses shares for cooling down costs by means of provide to states and disposal by means of Open Market Gross sales, she stated.
In reply to a separate query, Sitharaman stated fraud in City Cooperative Banks (UCBs) declined to 323 in 2020-21 as in opposition to 568 in 2019-20.
With regard to State Cooperative Banks (SCBs), she stated, it has come all the way down to 482 instances in 2020-21 from 508 within the earlier yr.
As many as 1.33 lakh people obtained unsecured loans sanctioned for COVID-19 therapy by public sector banks (PSBs) as of July 15, 2021, Sitharaman stated in one other reply.
PSBs have knowledgeable that they’ve introduced the unsecured mortgage facility for people to satisfy the COVID-19 therapy value for the person and his or her relations, she knowledgeable.
All present clients affected with COVID-19 are eligible to avail this collateral-free mortgage facility from PSBs within the type of a time period mortgage, with compensation durations starting from three to 5 years and an preliminary compensation moratorium interval starting from three to 6 months, she added.
READ MORE: Forbes richest billionaires listing: Mukesh Ambani India’s richest with $84.5 bn, Gautam Adani 2nd
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