While India became the fourth largest economy in the world, leaving behind Japan in the past, leaving behind in a faster growth, the process of achievements continues and the world is accepting it. Now another happy report has come, which has been released by the World Bank (World Bank), it has been told that the government led by Prime Minister Narendra Modi has won a big victory in the fight against poverty. Yes. It has been told with the data that in the last 11 years, the number of poor in India has come down from 27.1 percent to just 5.3 percent.
People came out of excessive poverty
According to the report of World Bank, excessive poverty in India has come down to 5.3 percent in 2022-23. Earlier in the last decade, the rate of people living in excessive poverty in the country in the year 2011-12 has increased rapidly to 5.3 per cent against 27.1 per cent, while the World Bank has revised the boundary of its poverty line to US $ 3 per day.
The global body said that in view of India’s inflation rate between 2017 and 2021, a revised high-range of US $ 3 is 15 per cent higher than the $ 2.15 limit expressed in 2021 prices and resulting in poverty rate of 5.3 per cent in 2022-23. It said that the excessive poverty rate in rural areas declined from 18.4 per cent to 2.8 per cent, while in urban areas it was reduced from 10.7 per cent to 1.1 per cent, which has fallen from 7.7 per cent to just 1.7 per cent.
26.5 crore people out of poverty
If we look at the data released by the World Bank, in 2011-12, the number of Indians living below the poverty line ($ 3 per day) was recorded at 34 crores, but in 2022-23, this number has come down to 7.5 crore. According to this calculation, 26.5 crore people in the country have come out of excessive poverty, which is a big achievement for Modi Govt. The report further states that 54,695,832 people in India were living less than US $ 3 per day in 2024. Thus, poverty rate at US $ 3 daily (2021 PPP – percentage population) is 5.44 percent in 2024.
Large impact of free ration initiative
In this report of World Bank, which brought the number of poor in India, the country government has played the most important role in reducing poverty in the country free and subsidized food transfer schemes. With its help, the gap of rural-urban poverty also decreased rapidly. According to the World Bank, in the last decade, India has succeeded in reducing poverty to a great extent. Earlier in April, in its ‘poverty and equality brief’ on India, it was said by the global body that excessive poverty (living less than $ 2.15 per day) decreased from 16.2 per cent to 2.3 per cent in 2022-23 in 2011-12, which led to 171 million people above this line.
What is in the report about economy?
In the World Bank report, where the Modi government has praised this major achievement, on the other hand, it has been said about the Economy (Indian Economy) that India’s actual GDP was about 5 percent less than the pre-trend level by FY 2024-25. The report states that the increase in the event of systematic resolve existing global uncertainties will gradually reach a potential level by 2027-28.
It also further said that there are also important negative risk in Outlook, as policy changes can continue globally and due to increasing trade tension, the demand for India’s exports will be reduced and there will be further delay in improving investment.