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News18
3 days ago
- Business
- News18
India Defies Global Poverty Trends Amid World Bank's Revised Estimates: What Does This Mean?
Last Updated: While the revision led to a global increase in the count of extreme poverty by 125 million, India not only withstood the raised threshold but demonstrated a massive drop in poverty India has emerged as a statistical outlier in a positive direction as the World Bank revised global poverty estimates, raising the International Poverty Line from USD 2.15 to USD 3.00 per day (based on 2021 purchasing power parity). While the change led to a global increase in the count of extreme poverty by 125 million, India not only withstood the raised threshold but also demonstrated a massive reduction in poverty, as per a central government fact sheet analysis. This was done using more refined data and updated survey methods. The new poverty line would have increased the count of global extreme poverty by 226 million people. But, due to India's data revision, the net global increase was only 125 million. WHAT DOES THE DATA SAY? According to World Bank data, over the decade from 2011-12 to 2022-23, India has lifted 171 million people out of extreme poverty (under USD 2.15 per day). The overall poverty rate dropped from 16.2 per cent to 2.3 per cent, or 5.3 per cent, when using the updated global benchmark (USD 3.00 per day) while accounting for purchasing power parity (PPP) adjustments. The data further showed reduction in rural poverty down to 2.8 per cent and urban to only 1.1 per cent, with widening access to food‑security schemes playing a key role. Challenges, however, remain in the form of urban youth unemployment and persistent wage inequality. WHY WAS THE POVERTY LINE REVISED? The World Bank said most of this upward revision is explained by revisions in the underlying national poverty lines rather than a change in prices. Here is what the new International Poverty Line (IPL) reflects: HOW DID INDIA INFLUENCE THE WORLD BANK'S GLOBAL BENCHMARK? This adjustment was expected to sharply increase the global count of those living in extreme poverty which was visible on poverty figures, estimated at 226 million people. According to the central government's fact sheet analysis, India's newly revised poverty data significantly softened the blow, reducing the count by 125 million. These figures offset more than half the global increase. India's updated consumption data significantly influenced the World Bank's global benchmark. The standout performance is largely attributed to improvements in data collection and measurement methods, which captured more actual spending leading to a more realistic poverty line and a lower poverty rate despite the increase in threshold. The country's latest Household Consumption Expenditure Survey (HCES) adopted the Modified Mixed Recall Period (MMRP) method, replacing the outdated Uniform Reference Period. This change provided a more accurate picture of household consumption, more effectively capturing actual spending. As a result, India's poverty rate in 2022-23 stood at just 5.25 per cent under the new USD 3.00 poverty line, and 2.35 per cent under the older USD 2.15 line – a dramatic decline from earlier decades. In 2011-12, applying MMRP reduced India's poverty rate from 22.9 per cent to 16.22 per cent, even under the older USD 2.15 poverty line. In 2022-23, poverty under the new USD 3.00 line stood at 5.25 per cent, while under the older USD 2.15 line it dropped further to 2.35 per cent. WHAT IS THE HOUSEHOLD CONSUMPTION SURVEY? The Household Consumption Expenditure Survey (HCES) is designed to collect information on consumption and expenditure of the households on goods and services. Here are the key highlights of the HCES for 2023-24: Average Monthly Per Capita Expenditure (MPCE): In 2023-24, the average MPCE was Rs 4,122 in rural areas and Rs 6,996 in urban areas, excluding the value of items received free through social welfare programmes. When these are included, the figures rise to Rs 4,247 and Rs 7,078, respectively. This is a significant increase from the rural MPCE of Rs 1,430 and urban MPCE of Rs 2,630 in 2011-12 Urban-Rural Consumption Gap: The urban-rural consumption gap has narrowed from 84% in 2011-12 to 70% in 2023-24, indicating a reduction in consumption disparities between urban and rural households. State-wise Trends: All 18 major states reported an increase in average MPCE for both rural and urban areas. Odisha experienced the highest rural increase (about 14%), while Punjab saw the highest urban increase (about 13%). Consumption Inequality: The Gini coefficient, a measure of consumption inequality, decreased from 0.266 to 0.237 in rural areas and from 0.314 to 0.284 in urban areas between 2022-23 and 2023-24, suggesting a reduction in consumption inequality across most major states. SO, HAS POVERTY IN INDIA REDUCED? These findings complement the World Bank's revised figures, reinforcing the conclusion that poverty in India has reduced not just statistically, but through tangible improvements in household living standards and incomes. top videos View all India's poverty decline is a story of technical refinement meeting policy results. In the face of a raised poverty benchmark, the country showed that more honest data, not diluted standards, can reveal real progress. As the global community recalibrates poverty goals, India's example sets a precedent: evidence-based governance, sustained reforms, and methodological integrity can together deliver transformational outcomes. Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! tags : poverty world bank Location : New Delhi, India, India First Published: June 08, 2025, 17:38 IST News explainers India Defies Global Poverty Trends Amid World Bank's Revised Estimates: What Does This Mean?
New Straits Times
23-05-2025
- Business
- New Straits Times
Benign inflation opens door for monetary easing: Analyst
KUALA LUMPUR: Bank Negara Malaysia may have room to ease interest rates as inflationary pressures remain muted, said Hong Leong Investment Bank (HLIB Research) Citing data from the Department of Statistics, the firm said Malaysia's consumer price growth held steady at 1.4 per cent year-on-year in April, with core inflation edging up to 2.0 per cent. "The recent data suggests a benign domestic inflation environment, with minimal inflationary pressures," HLIB Research said in its economic report today. The firm maintained its 2025 inflation forecast at 2.7 per cent but flagged downside risks due to a subdued global commodity environment and modest demand conditions. It noted that headline inflation was unchanged from March, aligning with consensus expectations. On a month-on-month basis, consumer prices rose slightly by 0.1 per cent, driven by higher costs in information and communication, personal care, housing and recreational services. Core inflation, which excludes volatile food and fuel prices, rose marginally to 2.0 per cent from 1.9 per cent in March, mainly due to higher housing and utility costs. Food and beverage inflation moderated to 2.3 per cent year-on-year, down from 2.5 per cent in March. The decline was supported by lower prices for vegetables, dairy products, and eggs, although prices for food away from home remained elevated at 4.3 per cent. The transport index registered a steady 0.7 per cent annual increase, underpinned by stable fuel prices and a smaller decline in public transport costs. On a monthly basis, the index was unchanged, as lower diesel and RON97 prices offset a modest increase in public transport fares. HLIB Research said services inflation continued to firm, with personal care costs climbing 4.1 per cent year-on-year, while prices in restaurants and hotels, as well as insurance and financial services, remained steady. With real economic growth projected at 4.0 per cent this year and the ringgit forecast to average 4.35 against the US dollar, the firm reiterated its view that inflationary pressures remain contained. This environment, it said, supports the possibility of a rate cut from the current Overnight Policy Rate of 3.00 per cent to 2.75 per cent by year-end.
Yahoo
20-05-2025
- Sport
- Yahoo
Phillies consider reunion with ex-Yankee, Met after Jose Alvarado suspension
The Phillies have at least contemplated a reunion with a veteran in their quest to replace their top reliever. With Jose Alvarado suspended 80 games Sunday for a positive PED test, which leaves him ineligible for the playoffs, the Phillies reached out to 40-year-old free agent David Robertson, reported Monday. Advertisement Talks were not serious, according to the report, but he could provide an immediate option if president of baseball ops Dave Dombrowski doesn't want to wait for the trade market to heat up. Phillies reliever Jose Alvarado was suspended 80 games on Sunday for a PED violation. Bill Streicher-Imagn Images Robertson, who pitched for the Phillies in 2019 and 2022, had a 3.00 ERA with a 1.11 WHIP and 99 strikeouts in 72 innings last year for the Rangers, showing the right-hander still has good innings left in the tank. The former Yankees All-Star and one-time Met has a career 2.91 ERA and 177 saves. During the 2022 playoffs, in which the Phillies reached the World Series, Robertson allowed one run in 7 ⅔ innings with 11 strikeouts. Advertisement Alvarado, a southpaw, had a 2.70 ERA with seven saves and 25 strikeouts in 20 innings this season before his suspension. David Robertson pitching for the Phillies in the 2022 World Series. Getty Images His loss is a big blow to a Phillies team whose bullpen was a big weakness to start the year, though some of their relievers have turned things around. Jordan Romano has not allowed a run over his last eight appearances, during which he has 11 strikeouts against three hits and one walk. He allowed 15 runs (14 earned) over his first 11 appearances. Orion Kerkering has allowed one run over his seven appearances this month after giving up 10 runs (seven earned) in 13 April outings. The Phillies (29-18) took over the NL East lead from the Mets (29-19) on Monday with their win over the putrid Rockies combined with the Amazin's loss to the Red Sox.
New York Post
20-05-2025
- Sport
- New York Post
Phillies consider reunion with ex-Yankee, Met after Jose Alvarado suspension
The Phillies have at least contemplated a reunion with a veteran in their quest to replace their top reliever. With Jose Alvarado suspended 80 games Sunday for a positive PED test, which leaves him ineligible for the playoffs, the Phillies reached out to 40-year-old free agent David Robertson, reported Monday. Talks were not serious, according to the report, but he could provide an immediate option if president of baseball ops Dave Dombrowski doesn't want to wait for the trade market to heat up. Advertisement Phillies reliever Jose Alvarado was suspended 80 games on Sunday for a PED violation. Bill Streicher-Imagn Images Robertson, who pitched for the Phillies in 2019 and 2022, had a 3.00 ERA with a 1.11 WHIP and 99 strikeouts in 72 innings last year for the Rangers, showing the right-hander still has good innings left in the tank. The former Yankees All-Star and one-time Met has a career 2.91 ERA and 177 saves. Advertisement During the 2022 playoffs, in which the Phillies reached the World Series, Robertson allowed one run in 7 ⅔ innings with 11 strikeouts. Alvarado, a southpaw, had a 2.70 ERA with seven saves and 25 strikeouts in 20 innings this season before his suspension. David Robertson pitching for the Phillies in the 2022 World Series. Getty Images His loss is a big blow to a Phillies team whose bullpen was a big weakness to start the year, though some of their relievers have turned things around. Advertisement Jordan Romano has not allowed a run over his last eight appearances, during which he has 11 strikeouts against three hits and one walk. He allowed 15 runs (14 earned) over his first 11 appearances. Orion Kerkering has allowed one run over his seven appearances this month after giving up 10 runs (seven earned) in 13 April outings. The Phillies (29-18) took over the NL East lead from the Mets (29-19) on Monday with their win over the putrid Rockies combined with the Amazin's loss to the Red Sox.
Hamilton Spectator
11-05-2025
- Sport
- Hamilton Spectator
Brewers send RHP Tobias Myers to Triple-A Nashville and recall reliever Elvis Peguero
TAMPA, Fla. (AP) — The Milwaukee Brewers optioned right-handed pitcher Tobias Myers to Triple-A Nashville and recalled right-handed reliever Elvis Peguero on Sunday. Myers, 26, got sent to the minors one day after he allowed two runs, three hits and three walks over four innings in a 3-2 loss to the Tampa Bay Rays. After starting this season on the injured list with a strained left oblique, Myers has gone 1-0 with a 3.86 ERA in five appearances, including four starts. He has struck out 11 and has allowed 10 walks and 15 hits in 16 1/3 innings. He went 9-6 with a 3.00 ERA as a rookie last season and was named the Brewers' most valuable pitcher by the Milwaukee chapter of the Baseball Writers Association of America. He closed that season by pitching five shutout innings in the decisive Game 3 of the NL Wild Card Series, a game the Brewers eventually lost 4-2 to the New York Mets. Peguero, 28, has gone 0-0 with a 5.68 ERA in five relief appearances for Milwaukee this year. He had an 0-0 record and 2.25 ERA in seven games with Nashville. ___ AP MLB:
