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Time of India
31 minutes ago
- Business
- Time of India
World Bank: India ranks 4th in income equality, ahead of US and China; 171 million lifted out of extreme poverty
India has become one of the most equal societies in the world, ranking fourth globally in income equality with a Gini Index of 25.5, according to the latest World Bank data. India stands next only to the Slovak Republic, Slovenia, and Belarus which have better income equality scores. The Gini Index measures income distribution on a scale from 0 (perfect equality) to 100 (maximum inequality). India's score is better than that of major economies like China (35.7), the United States (41.8), and all G7 and G20 countries. A release from the Social Welfare department said, "It reflects how India's economic progress is being shared more evenly across its population. Behind this success is a consistent policy focus on reducing poverty, expanding financial access, and delivering welfare support directly to those who need it most." India's Gini Index has improved from 28.8 in 2011, showing steady progress in equitable growth. A key reason behind this has been the country's strong push in reducing poverty. The World Bank's Spring 2025 Poverty and Equity Brief noted that between 2011 and 2023, about 171 million Indians moved out of extreme poverty. During the same period, India's poverty rate dropped sharply from 16.2 per cent to just 2.3 per cent, based on the global poverty line of $2.15 per day. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo The report also pointed to various government initiatives that have helped drive this transformation. The PM Jan Dhan Yojana has widened financial inclusion with over 55 crore bank accounts. Aadhaar, the national digital ID system, now covers more than 142 crore people, making welfare delivery through Direct Benefit Transfers more efficient and saving Rs 3.48 lakh crore by March 2023. Healthcare access has improved with Ayushman Bharat, which offers Rs 5 lakh health cover and has issued over 41 crore cards. Schemes like Stand-Up India support SC/ST and women entrepreneurs, while the PM Vishwakarma Yojana helps artisans with loans and training. The PMGKAY food security programme has supported more than 80 crore people, the release added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
2 hours ago
- Business
- Mint
India ranks among top world's most equal societies, says World Bank report: What does it mean?
New Delhi [India], July 5 (ANI): India has emerged as one of the most equal societies globally, with a Gini Index of 25.5, according to the latest data from the World Bank. Ranking fourth worldwide in income equality, India now stands just behind the Slovak Republic, Slovenia, and Belarus. "It reflects how India's economic progress is being shared more evenly across its population. Behind this success is a consistent policy focus on reducing poverty, expanding financial access, and delivering welfare support directly to those who need it most," a release from the Social Welfare said. The Gini Index, a key measure of income distribution where 0 represents perfect equality and 100 denotes maximum inequality, places India ahead of advanced economies, including China (35.7), the United States (41.8), and all G7 and G20 countries. India's score has improved from 28.8 in 2011, reflecting steady progress in equitable growth. The country's strong performance in reducing poverty has played a central role in achieving greater equality. The World Bank's Spring 2025 Poverty and Equity Brief reports that 171 million Indians were lifted out of extreme poverty between 2011 and 2023. The poverty rate fell sharply from 16.2 per cent to just 2.3 per cent during this period, based on the USD 2.15 per day global poverty threshold. The release also highlights upon, government initiatives have underpinned this transformation. Flagship programs like PM Jan Dhan Yojana have expanded financial inclusion, with over 55 crore bank accounts. Aadhaar, India's digital ID system, now covers more than 142 crore individuals, streamlining welfare delivery through Direct Benefit Transfers, which saved ₹ 3.48 lakh crore by March 2023. Healthcare equity has also improved through Ayushman Bharat, which provides ₹ 5 lakh health coverage to families and has issued over 41 crore cards. The Stand-Up India scheme supports SC/ST and women entrepreneurs, while the PM Vishwakarma Yojana backs artisans with loans and training. PMGKAY, India's food security scheme, has benefited over 80 crore citizens, it added. (ANI)
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Business Standard
2 hours ago
- Business
- Business Standard
India ranks 4th in income equality globally, says World Bank report
India has been ranked fourth in income equality globally with a score of 25.5 on the Gini Index after Slovak Republic (24.1), Slovenia (24.3), and Belarus (24.4), emerging as one of the world's most equal societies, especially remarkable for a country of India's size and diversity, according to a report by the World Bank. India's progress in achieving this balance is the result of sustained economic growth paired with targeted social policies focused on reducing poverty and expanding financial access, the report said. What is Gini index? The Gini Index measures the distribution of income, wealth, or consumption across a population. A score of 0 represents perfect equality, while 100 reflects absolute inequality — where one individual holds all the resources. A lower score signifies a more equitable society. With a Gini score of 25.5, India falls into the 'moderately low' inequality bracket (25–30) and is on the threshold of joining the 'low inequality' group. Comparison with other nations India's Gini Index not only places it ahead of China (35.7) and the United States (41.8), but also makes it more equal than every G7 and G20 country. The list of 'moderately low' inequality countries includes European nations like Iceland, Norway, Finland, and Belgium, as well as the UAE and Poland. In total, only 30 countries fall into this category globally. India's current score marks a notable improvement from 28.8 in 2011, indicating a steady trend toward more equitable distribution of resources over the past decade. Poverty reduction fuelling equality India's improved equality metrics are closely tied to a significant reduction in poverty. According to the World Bank's Spring 2025 Poverty and Equity Brief, 171 million Indians exited extreme poverty over the past 10 years. The share of people living on less than $2.15 per day — the previous global benchmark for extreme poverty — fell from 16.2 per cent in 2011-12 to just 2.3 per cent in 2022-23. Using the revised threshold of $3.00 per day, India's poverty rate is estimated at 5.3 per cent. This success has been supported by government initiatives designed to reach the most vulnerable sections of society. Key government schemes driving inclusion Several flagship schemes have contributed to improving financial access, welfare delivery, and entrepreneurship among marginalised groups: -PM Jan Dhan Yojana: Over 556.9 million bank accounts opened, expanding financial inclusion -Aadhaar: More than 1,420 million digital identities issued, streamlining benefits delivery -Direct Benefit Transfer (DBT): ₹3.48 trillion in cumulative savings, reducing leakages in welfare schemes -Ayushman Bharat: Health cover of ₹5 lakh per family, with over 413.4 million cards issued and 32,000 empanelled hospitals. The scheme includes a version for senior citizens aged over 70 years.
eNCA
4 hours ago
- Politics
- eNCA
Mchunu unveils crime-fighting strategy
CAPE TOWN - Police Minister Senzo Mchunu is hitting back hard against crime. He's assured South Africans he's spearheading amplified initiatives to crush criminal activity. Mchunu says the strategy is aimed at protecting the vulnerable, rooting out criminality, and rebuilding the public's trust. Stressing the urgency of the police mission, the minister highlighted the devastating impact of gang warfare in Cape Town, saying the metro's recent four waves of gang violence have claimed eighteen lives. The budget allocates R219.2-million to police the G20 conference later this year, R400-million for next year's Local Government Elections, and nearly R35-million to support the appointment of an additional Deputy Police Minister.
News18
5 hours ago
- Business
- News18
India More Equal Than G7 & G20 Nations, Says World Bank Report As Jan Dhan, Aadhaar Fuel Rise
Last Updated: As per the report, extreme poverty dropped to 2.3 per cent in 2022-23 and 1.71 million Indians have moved out of the extreme bracket between 2011 and 2023 India is growing and also bridging the gap between its people. A latest World Bank report places India among the world's most equal societies. It ranks as the fourth most-equal country globally, ahead of the G20 and G7 nations. As per the report, extreme poverty dropped to 2.3 per cent in 2022-23 and 1.71 million Indians have moved out of the extreme bracket between 2011 and 2023. These figures are important and impressive, considering India is a vast and diverse country and many areas till recently were considered unreachable. In fact, the figures best reflect the economic growth stories and also show how the various policies of the government and announcements by Prime Minister Narendra Modi are designed to ensure poverty is erased from India. One such key scheme is the Prime Minister Jan Dhan Yojana. This has ensured that even the poor now have bank accounts. As of June 25 this year, over 55.69 crore people have a Jan Dhan account, which means more and more people are getting connected to the scheme and can now avail loans on easy interest rates. Aadhaar and digital identity are also feats that have helped bridge the poverty gap. More than 142 crore Aadhaar cards have been issued and numbers are increasing day by day. DBT or direct benefit transfer has also ensured that savings increased to Rs 3.48 lakh crore. Ayushman Bharat, Start-Up India, Atmanirbhar Bharat, and Pradhan Mantri Garib Kalyan Yojana have all been important contributors. The methodology for calculating the equality index is called Gini Index. As per this index, India's score—25.5—is much lower than China's—which is at 35.7. The lower the index, the more equal you are. Sources say the finance ministry and other infrastructural sectors are working on new policies to ensure that India's Gini index goes lower, which means the country is becoming more equal. The areas of concern for now are in far-flung areas and states like Bihar, Bengal, Jharkhand, parts of Kashmir, and Tamil Nadu. The government hopes that as these areas become more accessible and the Centre's schemes percolate to the last level, India will become more equal. First Published: July 05, 2025, 14:36 IST
