Indian corporates are taking the rentier route to wealth | Number Theory

On July 27, the government said while answering a parliament question that number of Indians with an annual income of ₹100 crore or more had increased from 142 to 576 between the assessment years (AY) 2021-22 and 2025-26. ₹100 crore is a lot of money in India, and a four-fold increase in the number of billionaires in such a short time span is a big deal.

It is unlikely that such money has been made in salary incomes. While the government has not released income tax return data beyond 2023-24 (AY 2024-25), only 19 people reported salary incomes of ₹100 crore or more in 2023-24.

What is also interesting that the government has repeatedly been criticising the private sector for not doing enough to boost investment in the economy in the post-pandemic period. An HT analysis of available Income Tax Return (ITR) data and corporate India’s financials suggests that more and more corporates are exploiting the rentier and not the entrepreneur way to become rich.