Extreme poverty in India down to 5.3 pc in 2022-23: World Bank
New Delhi, Jun 8 (PTI): India's extreme poverty rate declined sharply to 5.3 per cent over a decade from 27.1 per cent in 2011-12 even as the World Bank revised upwards its threshold poverty line to USD 3 per day.
Given India's inflation rate between 2017 and 2021, a revised extreme poverty line of USD 3 would constitute a 15 per cent higher threshold than USD 2.15 expressed in 2021 prices and result in a 5.3 per cent poverty rate in 2022-23, the World Bank said in a report.
As against 34 crore people below poverty line (USD 3/per day) in 2011-12, the numbers have come down to 7.5 crore in 2022-23 in absolute numbers.
The World Bank has announced a major revision to global poverty estimates, raising the International Poverty Line (IPL) from USD 2.15/day (2017 PPP) to USD 3/day (2021 PPP), according to a factsheet issued by the Press Information Bureau (PIB) on the report.
"While the change led to a global increase in the count of extreme poverty by 125 million, India emerged as a statistical outlier in a positive direction. Using more refined data and updated survey methods, India not only withstood the raised threshold but also demonstrated a massive reduction in poverty," PIB said in its factsheet details issued on Saturday.
The new poverty line would have increased the count of global extreme poverty by 226 million people. But thanks to India's data revision, the net global increase was only 125 million, as India's revised data reduced the count by 125 million on its own, it said.
In India, the World Bank report said, 54,695,832 people lived on less than USD 3 per day in 2024. Thus, the poverty rate at USD 3 per day (2021 PPP -- percentage population) is 5.44 per cent in 2024.
The extreme poverty rate decreased from 16.2 to 2.3 per cent between 2011-12 and 2022-23, while the poverty rate at the lower middle income country (LMIC) line declined by 33.7 percentage points, it said.
Free and subsidised food transfers supported poverty reduction, and the rural-urban poverty gap narrowed. The five most populous states account for 54 per cent of the extremely poor, it said.
With regard to economy, the report said, real GDP of India was around 5 per cent below the pre-pandemic trend level as of FY25.
Growth should gradually converge back to potential over 2027-28 assuming the current global uncertainties are resolved in an orderly fashion, it said.
"The outlook, however, is subject to significant downside risks, as policy shifts may continue to unfold globally. Elevated trade tensions would dampen demand for India's exports and further delay the recovery in investment," it said.
The current account deficit is expected to average around 1.2 per cent of GDP over FY26-28 and remain adequately financed by capital inflows, it said, adding that foreign exchange reserves are projected to remain stable around 16 per cent of GDP.
India has lifted 171 million people from extreme poverty in the decade between 2011-12 and 2022-23, the World Bank said.
"Over the past decade, India has significantly reduced poverty. Extreme poverty (living on less than USD 2.15 per day) fell from 16.2 per cent in 2011-12 to 2.3 per cent in 2022-23, lifting 171 million people above this line, the World Bank had said in its 'Poverty & Equity Brief' on India in April.
The rural extreme poverty dropped from 18.4 per cent to 2.8 per cent, and urban from 10.7 per cent to 1.1 per cent, narrowing the rural-urban gap from 7.7 to 1.7 percentage points, it had said.
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Chirag Paswan reportedly demands 36 seats, BJP offers 22 amid seat-sharing talks
Bihar elections 2025
Patna: As the countdown to the 2025 Bihar Assembly elections officially begins with the notification for the first phase issued on Friday, political maneuvering has intensified within the National Democratic Alliance (NDA).
The spotlight is currently on Lok Janshakti Party (Ram Vilas) leader and Union Minister Chirag Paswan, who is demanding 36 seats, even as the BJP has so far offered only 22, The New Indian Express quoted its sources as saying.
Chief Minister Nitish Kumar convened a meeting of senior JD(U) leaders at his official residence, 1 Anne Marg, to finalise the list of candidates. Meanwhile, LJP chief Paswan called an emergency meeting of his party’s core team at the state office to discuss seat distribution and election preparedness.
While Paswan is reportedly pressing for 36 seats, the BJP is hesitant to concede beyond 22. A final decision is expected only after the LJP's central parliamentary board convenes in the national capital.
The JD(U), on its part, is reportedly firm on retaining constituencies held by its sitting MLAs. Chirag Paswan’s party reportedly wants to contest seats like Manhar in Vaishali, Matihani in Begusarai, and Chakai in Jamui, which are presently represented by JD(U) legislators.
On the opposition front, Congress, a major ally of the opposition INDIA bloc, has moved ahead with candidate selection, clearing 25 names for seats largely seen as traditional party bastions. The list was finalised during a meeting of the party’s Central Election Committee held in New Delhi on Wednesday.
Bihar will vote in two phases, on November 6 and 11, to elect a new Assembly, with counting on November 14.
