Anjali Sharma
GG News Bureau
NEW YORK, 3rd March. The Consumer Experience Survey released on Saturday said that India’s poverty levels dropped sharply in 2022-23, with urban poverty at 4.6% and rural at 7.2%.
The data of the World Poverty Clock said India’s less than 3% of population is living below the extreme poverty line of $1.9 per day resulted in elimination of the extreme poverty.
The World Poverty Clock provides a real-time platform to monitor poverty reduction across countries.
It monitors progress against Ending Extreme Poverty, the UN’s first Sustainable Development Goals.
As per the data, 3.4 crore people are living in extreme poverty. The number was 4 crore in 2023 and 4.6 crore in the previous year, according to the World Poverty Clock.
According to purchasing power parity terms is a metric which allows global comparisons of economic data.
It said that 94% of the people living in extreme poverty are in rural areas, and the remaining 6% in urban areas.
The Consumer Experience Survey said India’s poverty levels dropped sharply in 2022-23, with urban poverty at 4.6% and rural at 7.2%.
The real per capita consumption growth is 2.9% per annum 2011-1 and the rural growth at 3.1%, significantly higher than urban growth of 2.6%.
The survey highlighted the reduction in spending on food items as a percentage of total monthly per capita consumption expenditure in both rural and urban areas.
Brookings Institution said high growth and a large decline in inequality have combined to eliminate poverty in India for the $1.9 poverty line.
Barclays has raised its GDP growth forecast for India for 2023-24 by a massive 110 basis points to 7.8%.
The bank’s economists also revised upward their prediction for 2024-25 by 50 basis points to 7%.
Barclays’ growth forecast for 2024-25, at 7% is now in line with that of the Reserve Bank of India
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