NEW DELHI: Poverty rates in India fell below 5% and the existence of extreme poverty grew to become nearly minimal in 2024, in line with a examine by the State Bank of India.
“At an aggregate level, we believe poverty rates in India could now be in the range of 4-4.5 per cent with almost minimal existence of extreme poverty,” the research stated.
The report highlighted notable progress in decreasing each rural and concrete povertyas revealed by the federal government’s Consumption Expenditure Survey. Rural poverty in FY24 stood at 4.86%, a drop from 7.2% in FY23 and 25.7% in FY12.
The report credited the discount in rural poverty to elevated consumption progress among the many backside 5% of the inhabitants, ensuing in a shift in the poverty line.
Similarly, city poverty decreased to 4.09% in FY24, down from 4.6% in FY23 and 13.7% in FY12.
The examine famous that poverty estimates might see slight changes pending the completion of the 2021 census and the discharge of up to date rural-city inhabitants information.
“It is possible that these numbers could undergo minor revisions once the 2021 census is completed and new Rural Urban population share is published. We believe Urban poverty could decline even further,” it stated.
