The official number of millionnaires in India are ridiculously low. This is not due to tax exemptions, but due to income not being declared in the first place.
That's absurd though - if 1% pay income tax, the issue isn't black money, but the fact that the unorganized sector is far larger than the organized sector. And this again a known aspect of the Indian economy.
India has historically been an agrarian society, then a bureaucratically driven planned economy and only post 1990, has it been free market.
That means there's not been enough time for the economy to ensure a good distribution and generation of wealth. Is it unsurprising that wealth distribution is skewed ?
The official number of millionnaires in India are ridiculously low. This is not due to tax exemptions, but due to income not being declared in the first place.