Big progress on poverty reduction! India's poverty rate to come down further in 2024; SBI projects 4.6%
India has achieved substantial success in diminishing poverty rates. (AI image)
India's poverty rate is expected to come down further to 4.6 per cent in 2024, according to a State Bank of India (SBI) report. A new World Bank report projects that India's extreme poverty has come down drastically in the last ten years, from 27.12% to 5.25% in 2023.
SBI's report indicates a further reduction.
The SBI report said "Poverty estimates by SBI and World Bank are remarkably similar.... SBI estimates it at 4.6 per cent in 2024...down from 5.3 per cent in 2023 as estimated by World Bank".
India has achieved substantial success in diminishing poverty rates, with current projections showing further improvement beyond the World Bank's evaluation.
The improved poverty measurements are attributed to contemporary data collection techniques and revised definitions.
The recent Household Consumption Expenditure Survey (HCES) implemented the Modified Mixed Recall Period (MMRP) methodology, superseding the previous Uniform Reference Period (URP).
According to the findings, this updated methodology employs briefer recall durations for frequently purchased items, resulting in more precise household consumption data.
The adoption of modified survey methods has resulted in higher recorded consumption figures in national assessments, leading to decreased poverty estimates.
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For example, implementing MMRP in 2011-12 reduced India's poverty rate from 22.9 per cent to 16.22 per cent using the previous USD 2.15 daily poverty threshold.
The latest survey from 2022-23 indicates poverty at 5.25 per cent under the revised USD 3.00 daily threshold, whilst showing an even lower rate of 2.35 per cent under the former USD 2.15 benchmark.
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270 million pulled out of poverty! How Modi government achieved a remarkable dip in extreme poverty & what's the road ahead? Explained
The World Bank's recent adjustment of the global poverty threshold from USD 2.15 per day (2017 PPP) to USD 3.00 per day (2021 PPP) initially resulted in an additional 226 million people being classified as extremely poor globally.
Nevertheless, India was a statistical outlier to this trend. The country's updated consumption data and enhanced survey techniques contributed to reducing the global poverty count by 125 million.
According to the SBI report, current poverty ratio calculations for India align with World Bank figures when accounting for variations in methodological approaches and parameter definitions.
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