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The World Bank has updated its extreme poverty threshold from $2.15 to $3 a day. This change has significantly impacted India’s poverty statistics. The latest figures show that the extreme poverty rate in India dropped from 27.1% in 2011-12 to 5.3% in 2022-23. In terms of numbers, the people living in extreme poverty decreased from about 344 million to 75 million.<\/p>\n
When using the earlier poverty line of $2.15 a day, only 2.3% of Indians were considered extremely poor, which is a remarkable reduction from 16.2% a decade ago. The number of individuals living below this line fell to approximately 34 million in 2022 from around 206 million in 2011.<\/p>\n
Despite the new $3 threshold reflecting global inflation, India\u2019s poverty rates remain encouraging. While the extreme poverty rate rises to 5.3% at this new benchmark, it is still a positive reflection of progress made over the years.<\/p>\n
Revising the lower-middle-income poverty line to $4.20 per day (from the previous $3.65) also shows improvement. The proportion of Indians living under this line decreased from 57.7% in 2011-12 to 23.9% in 2022-23, with the absolute number of people in this category falling from around 732 million to 342 million over the same period.<\/p>\n
As of 2023, India’s population is estimated at around 1.44 billion. With the new LMIC poverty line, the number of people living in poverty has decreased, which highlights a positive trend towards reducing poverty levels across the country.<\/p>\n
Rural poverty has also seen a notable decline, dropping from 69% in 2011-12 to 32.5% in 2022-23. Urban poverty experienced a similar reduction, falling from 43.5% to 17.2% over the same timeframe.<\/p>\n
Furthermore, a report from the World Bank indicates a significant drop in non-monetary poverty, which measures factors like education and access to basic services. This index has decreased from 53.8% in 2005-06 to just 15.5% in 2022-23. <\/p>\n
Data from the recent Household Consumption Expenditure Survey indicates an increase in monthly spending. For instance, average monthly spending for people in rural areas rose by 45.4% to about \u20b92,079, while urban monthly spending increased by 38% to around \u20b93,632.<\/p>\n
India is continually making strides in poverty reduction, and the upcoming updates on poverty rates for 2023-24 are expected to bring more insights into this progress.
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The World Bank has updated its extreme poverty threshold from $2.15 to $3 a day. This change has significantly impacted India’s poverty statistics. The latest figures show that the extreme poverty rate in India dropped from 27.1% in 2011-12 to 5.3% in 2022-23. In terms of numbers, the people living in extreme poverty decreased from<\/p>\n","protected":false},"author":1,"featured_media":12606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[30],"tags":[113,1720,14876,2887,14874,14875],"class_list":["post-12605","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-news","tag-business-news","tag-indian-express","tag-poverty-rate","tag-world-bank","tag-world-bank-poverty-line","tag-world-banks-raised-poverty-line"],"_links":{"self":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/12605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/comments?post=12605"}],"version-history":[{"count":0,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/12605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media\/12606"}],"wp:attachment":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media?parent=12605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/categories?post=12605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/tags?post=12605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}