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By: Imtiyaz Shah
Srinagar: As India’s high-income population expands, fresh data from the Income Tax Department reveals stark regional disparities in the number of individuals earning more than ₹1 crore annually — placing Jammu & Kashmir and Ladakh in sharp contrast with the country’s wealthiest states.
According to the latest figures, Jammu & Kashmir has 2,600 individuals reporting annual incomes above ₹1 crore, placing it among the smaller contributors to India’s crorepati pool. While modest in absolute terms, the number reflects the presence of a small but significant high-income segment within the former state’s economy.
Economists believe that this small number suggests that the one-crore plus a year club in J&K is very small and suggests that its economy is far from its full potential.
Though detailed disaggregated figures for Ladakh are considerably lower due to its small population base and limited corporate footprint, tax officials indicate that the region too has a niche group of high earners — largely concentrated in tourism-linked enterprises, infrastructure contracts, transport logistics and government-linked services.
A national contrast
The disparity becomes evident when compared with India’s leading economic powerhouse. Maharashtra tops the national list with 1,24,800 individuals earning above ₹1 crore annually, underlining the dominance of metropolitan centres such as Mumbai and Pune in finance, industry and services.
At the other extreme, Lakshadweep reports just one individual in the ₹1 crore-plus income bracket, highlighting the vast differences in economic scale among India’s states and Union Territories.
Where J&K’s high earners come from
According to the data accessed by Ziraat Times, in Jammu & Kashmir, high-income individuals are typically drawn from real estate and infrastructure, medium and large industries, contracting, tourism and hospitality ventures, healthcare and private education, government-linked supply and consultancy businesses.
Although a small number of apple and dry fruit traders are also in the crorepati club, however, as most of them fall outside of the tax net, the actual annual income remains unclear.
For respecting the privacy of the individuals, we have chosen not to break down the data further and not to reveal the identities of the individuals whose income tax data is available.
The horticulture sector — particularly apple exports — has produced several large traders and commission agents who fall into higher income categories. Similarly, construction and infrastructure development have generated new business opportunities.
However, the figure of 2,600 also points to the limited breadth of high-value industry in the region compared to more industrialised states, economic experts believe.
Economists also note that while the presence of high-income taxpayers reflects formal economic participation, it does not necessarily indicate broad-based prosperity. In J&K income distribution remains uneven, especially among urban poor, who do not own land and other agricultural resources, including hogh yield poplar, willow and other kind of trees.
