India, July 30 -- On July 27, the government said while answering a parliament question that number of Indians with an annual income of Rs.100 crore or more had increased from 142 to 576 between the assessment years (AY) 2021-22 and 2025-26. Rs.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 Rs.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 i...