In the year 2024, about 12.9 crore Indians will be living in extreme poverty with an income of less than $ 2.15 (about Rs 181) per day, whereas in 1990, the number of people living in extreme poverty was 43.1 crore. However, due to the increase in population, more Indians will be living below the poverty line – $ 6.85 (about Rs 576) per day – set for middle-income countries in 2024 than in 1990. This was said in a report released by the World Bank on Tuesday.
The report ‘Poverty, Prosperity and the Planet: Pathways out of Polycrisis’ released by the World Bank says that global poverty reduction has come to a standstill. Describing 2020-2030 as a lost decade, the report says that at the current pace of progress, it will take decades to eradicate extreme poverty, and more than a century to lift people above $6.85 a day.
“Global poverty reduction has slowed to a near standstill. At the current pace of progress, it could take more than a century to eradicate poverty at the $6.85 per day poverty line used for upper-middle-income countries’, read a tweet from World Bank.
The World Bank said that India’s contribution to global extreme poverty is expected to fall significantly in the next decade. These estimates are based on estimates of GDP growth per capita in the next decade as well as historical growth rates. Even if India reduces the extreme poverty rate to zero in 2030, the global extreme poverty rate will only fall from 7.31 percent to 6.72 percent in 2030, which is still well above the target of three percent.
The impact of recent methodology changes in the latest HCES also needs to be carefully examined, the report said. Since 1999-2000, India has been experimenting with different recall periods (respondents are asked to recall past consumption events, such as quantities from a month or six months ago) to improve the accuracy of consumption data collection.
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