This was stated by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha in reply to a question on whether the government is aware that there has been a significant increase in the number of billionaires in the country and that it is among the leading nations in the world in this regard.
In a written reply, Chaudhary said there is no statutory definition of the term ‘billionaire’ either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961.
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However, the number of individuals having reported gross total income of Rs 100 crore or more in the Income-tax Returns (ITRs) filed in Assessment Year (AY) 2025-26 stood at 576. This is a sharp 4-fold spike from 142 reported in AY 2021-22.
The number of individuals with gross total income of Rs 100 crore and above was 301 in AY 2022-23, dipping to 284 in AY’24, before rising to 415 in AY’25.
To another question on 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, Chaudhary said the Annual Periodic Labour Force Survey (PLFS) report showed that labour markets have recovered beyond pre-COVID levels in both urban and rural areas.Read More: India’s forex reserves rise $1.08 billion to $676.237 billion in week ended July 17
The unemployment rate for individuals aged 15 and above has decreased from 3.6 per cent in 2022 to 3.1 per cent in 2025.
“The government has taken several measures to reduce income and wealth inequality, promote broad-based employment generation and foster inclusive economic growth, which include a progressive Income-tax structure and increased spending on food, health, education, housing and social security,” the minister said.