Bangalore is home to most crowded Rupee-millionaire club

233134 — Thu, 02 Aug 2007 14:37:00 GMT

NEW DELHI: Rupee-millionaire club in Bangalore is the most crowded in India. The IT capital of India has the largest number of households with income of Rs 10-lakh (per year) and above. With 3.3% of the total 31,17,843 households in the country earning Rs 10 lakh and above, Bangalore ranks No 1 in the list.

A recently released study—Indian Financial Scape, A District Profile 2005-06—by New Delhi-based research firm Indicus Analytics, exclusively available to ET, stacks the districts with maximum number of millionaire households.

The study profiles and ranks districts and not cities. So, the study desegregates a city such as Delhi into its nine districts and Mumbai city into the districts of Mumbai and Mumbai Suburban, and ranks each of these individual districts separately.

Bangalore is followed by Mumbai Suburban and Thane, each with 2.3% share of the 31-lakh odd of the households earning 10-lakh and above across India. Pune, Ahmedabad, Ernakulam, Ludhiana, Surat, Delhi South West and Thiruvananthapuram make up the top ten here.

If you take Delhi and Mumbai cities, the picture looks vastly varied across districts. Take the case of Delhi. While South West and East Delhi districts have a maximum concentration—1.23% and 0.89% respectively—of households with income of Rs 10-lakh and above, New Delhi, the hub of political households, has .09% households in that income group. Sure political power more than makes up for rupee power.

Curiously in Mumbai, while Suburban district shows a concentration of 2.3% rupee-millionaire households, Mumbai has a mere 0.85% households in that bracket.

However, there seems to be little co-relation between the number of rupee millionaires in the districts and the latter’s per capita savings habits. Over all, the propensity to save remains poor for all these districts. For instance, Bangalore ranks a poor No 35 in the country on per capita savings.

Similarly, Mumbai (Suburban) and Thane — number two and three in rupee millionaire list — rank 77th and 327th on that parameter, respectively.

Interestingly, Thiruvananthapuram with just 1.2% share of the country’s millionaire households, does well on per capita savings (Rs 96,209) showing fifth highest savings rate across the country.

Source: Economic Times, 2nd August, 2007

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Tax on New Services may rake in Tidy Sum For Government

233134 — Sat, 10 Mar 2007 13:57:00 GMT

The extension of service tax to cover rentals on commercial properties, as proposed in Budget 2007-08, is expected to rake in a tidy sum for the Government. In all, the Finance Ministry expects the new services to yield revenues of about Rs. 2,000 crores in fiscal 2007-08. The Center has budgeted service tax revenues of Rs. 50,200 crores during fiscal 2007-08, which is about 31.52 per cent increase over the revised estimates of Rs. 38,169 crores for 2006-07. The services that have been brought under the service tax net in Budget 2007-08 include services outsourced for mining of mineral, oil or gas; services provided in relation to renting of immovable property (other than residential properties and vacant land) for use in the course of business or commerce; services provided in relation to the execution of works contract; asset management services and design services.

Source www.jaaydaad.com

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Bangalore is home to most crowded Rupee-millionaire club

Tax on New Services may rake in Tidy Sum For Government