US EditionMint Explainer: What the World Bank's New Poverty Line Means for India
- The World Bank reported that India’s poverty rate based on the revised $3.00 per day threshold fell from 27.1% in 2011 to 5.3% in 2022-23.
- This decline reflects updates from the earlier $2.15 poverty line to a 2021 PPP-adjusted $3 threshold to better capture current global cost standards.
- India reduced its extreme poverty population by more than 269 million people, with rural poverty rates falling sharply from 18.4 percent to 2.8 percent and urban poverty rates decreasing substantially from 10.7 percent down to 1.1 percent, resulting in a much smaller disparity between rural and urban poverty levels.
- The World Bank highlighted that 171 million people moved above extreme poverty, stating this represents “decades of progress” supported by policy reforms and poverty alleviation schemes.
- Ongoing reductions in poverty indicate better living standards, though challenges remain due to global uncertainties. Meanwhile, the current account gap is projected to hover around 1.2% of GDP in the next few years.
27 Articles
27 Articles
Mint Explainer: What the World Bank's new poverty line means for India
In its latest update, the World Bank has revised India's poverty rate downwards. But it has also flagged issues with India's survey data, and by one measure, counts a quarter of Indians as poor. The numbers are complex, so let's unpack them.
India sees sharp fall in extreme poverty, 269 million lifted out in 11 years: World Bank
India has achieved a significant milestone in its fight against extreme poverty, with the latest World Bank data showing a dramatic decline in the extreme poverty rate from 27.1 per cent in 2011-12 to just 5.3 per cent in 2022-23. The number of people living in extreme poverty dropped from 344.47 million to 75.24 million over the 11-year period, indicating that 269 million people were lifted out of extreme poverty. The progress is attributed to …
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