Nashik boasts of 60 crorepatis

Nashik: The upward looking economy and industrial growth has created much wealth in the district, with the income tax (I-T) department registering 60 individuals with annual income of Rs 1 crore and above in the 2014-15 fiscal year, about 15 more than the previous financial year.

The district, known for its grapes and onions, also has a large number of auto, engineering and electric industries. The district is a major supplier of vegetables to the Mumbai market and exports to UK.

Sources from I-T department said, "As per the income tax returns filed for the financial year 2014-15, there are close to 200 firms and individual persons in the district with annual income of Rs 1 crore and above. These include 60 individuals from the district."

In the 2013-14 fiscal year, the I-T department had received income tax returns from close to 150 firms and individuals with annual income of over Rs 1 crore. These included 45 individuals with the income over Rs 1 crore. Nashik district falls under the jurisdiction of Nashik range of I-T department. The Nashik range covers four districts of north Maharashtra and eight districts of Marathwada.

The sources added, "The number of people with an income of Rs 1 crore and above depends on the economy. The number increases if there is boom in the economy. The number of crorepati people may increase if economy comes out of recession and registers steady growth."

Sudhir Mutalik, chairman of North Maharashtra council, Confederation of Indian Industry said, "Indian economy is growing and the gross domestic product (GDP) growth rate has been in the range of 7.2% to 7.5%. People are definitely growing in the country."

"There has been huge construction of roads worth large amounts of money, which is definitely percolating to the local level. The industrial sector has already come out of recession and they are getting good orders. Overall industrial growth has led to rise in number of crorepatis," he added.

The income tax returns for the financial year 2014-15 were filled in 2015-16 fiscal year. The I-T gross tax revenue collection in Nashik range increased by 12% to Rs 4,477 crore during the financial year 2015-16, against Rs 4,000 crore during 2014-15 fiscal year.

There are 4,000 industrial units, including 250 medium and large industries. The area under vineyards is 1.75 lakh acres and arrival of onions at APMCs during season is close to 2 lakh metric tonnes per day.



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