India's economy is experiencing a significant shift, with the number of millionaires increasing fivefold in a decade. The report by SBI Economic Research highlights a growing tax base, attributed to progressive policies and simplified processes. Income disparity is also shrinking, particularly for earners up to Rs 5 lakh per annum. Meanwhile, the government is urged to streamline tax procedures to promote inclusivity and economic progress.

Source: https://www.wionews.com/business-economy/indias-millionaires-club-expands-no-of-taxpayers-rise-income-disparity-shrinks-770880