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Economic Times
9 hours ago
- Business
- Economic Times
270 million Indians out of extreme poverty list: World Bank
India has made remarkable progress in reducing extreme poverty. World Bank data shows nearly 270 million people moved out of extreme poverty between 2011-12 and 2022-23. The poverty rate fell significantly, even with a raised global poverty threshold. This achievement highlights India's commitment to evidence-based governance and sustained reforms. Spending inequality has also narrowed across the country. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Nearly 270 million people moved out of extreme poverty in India between 2022- 23 and 2011-12, when their number shrank to 5.3% of the population from 27.1%, according to latest data released by the World achievement comes even as the multilateral lender raised the global threshold to measure extreme poverty to $3 per person per day from $2.15 and incorporated the 2021 purchasing power parity (PPP) for the calculation.'While the change (in threshold) led to a global increase in the count of extreme poverty by 125 million, India emerged as a statistical outlier in a positive direction,' the government said in a statement absolute numbers, the population living in extreme poverty in India fell to 75.2 million in 2022-23 from 344.5 million 11 years earlier.'In the face of a raised poverty benchmark, India showed that more honest data, not diluted standards, can reveal real progress,' the government transitioned to a Modified Mixed Recall Period method from the Uniform Reference Period in its Household Consumption Expenditure Survey (HCES), a change that resulted in higher measured consumption and subsequently lower poverty the revised poverty line would have added 226 million people to the count of extremely India's methodology revision partially offset the World Bank raised the global extreme poverty rate for 2022 to 10.5% from the earlier estimate of 9%, increasing the number of people living below the poverty line, increasing the number of people living below the poverty line to 838 million from 713 million.'Given India's share of the global population, its methodological changes matter for the global poverty trends,' the World Bank noted. Using the previous $2.15 (2017 PPP) poverty line, the World Bank reported a 1.3-percentage-point drop in global extreme poverty to 7.7% in 2022, largely due to 125 million fewer extreme poor people in on this earlier benchmark, the share of Indians living below the poverty line fell to 2.4% in 2022- 23 from 16.2% in 2011-12, according to the data from the World Bank.'As the global community recalibrates poverty goals, India's example sets a precedent: evidencebased governance, sustained reforms, and methodological integrity can together deliver transformational outcomes,' said the inequality narrowed across India, according to the HCES 2023-24. In rural areas, the average monthly per capita consumption expenditure increased
Time of India
9 hours ago
- Business
- Time of India
270 million Indians out of extreme poverty list: World Bank
India has made remarkable progress in reducing extreme poverty. World Bank data shows nearly 270 million people moved out of extreme poverty between 2011-12 and 2022-23. The poverty rate fell significantly, even with a raised global poverty threshold. This achievement highlights India's commitment to evidence-based governance and sustained reforms. Spending inequality has also narrowed across the country. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Nearly 270 million people moved out of extreme poverty in India between 2022- 23 and 2011-12, when their number shrank to 5.3% of the population from 27.1%, according to latest data released by the World achievement comes even as the multilateral lender raised the global threshold to measure extreme poverty to $3 per person per day from $2.15 and incorporated the 2021 purchasing power parity (PPP) for the calculation.'While the change (in threshold) led to a global increase in the count of extreme poverty by 125 million, India emerged as a statistical outlier in a positive direction,' the government said in a statement absolute numbers, the population living in extreme poverty in India fell to 75.2 million in 2022-23 from 344.5 million 11 years earlier.'In the face of a raised poverty benchmark, India showed that more honest data, not diluted standards, can reveal real progress,' the government transitioned to a Modified Mixed Recall Period method from the Uniform Reference Period in its Household Consumption Expenditure Survey (HCES), a change that resulted in higher measured consumption and subsequently lower poverty the revised poverty line would have added 226 million people to the count of extremely India's methodology revision partially offset the World Bank raised the global extreme poverty rate for 2022 to 10.5% from the earlier estimate of 9%, increasing the number of people living below the poverty line, increasing the number of people living below the poverty line to 838 million from 713 million.'Given India's share of the global population, its methodological changes matter for the global poverty trends,' the World Bank noted. Using the previous $2.15 (2017 PPP) poverty line, the World Bank reported a 1.3-percentage-point drop in global extreme poverty to 7.7% in 2022, largely due to 125 million fewer extreme poor people in on this earlier benchmark, the share of Indians living below the poverty line fell to 2.4% in 2022- 23 from 16.2% in 2011-12, according to the data from the World Bank.'As the global community recalibrates poverty goals, India's example sets a precedent: evidencebased governance, sustained reforms, and methodological integrity can together deliver transformational outcomes,' said the inequality narrowed across India, according to the HCES 2023-24. In rural areas, the average monthly per capita consumption expenditure increased
