India's Remarkable Poverty Reduction: Over 270 Million Lifted Out of Extreme Poverty in a Decade
India has done well in poverty reduction after the COVID-19 pandemic affected the country. According to a recent report by the World Bank, in general, 'extreme poverty' in India has reduced considerably in the past decade. Though in 2011-12 the extreme poverty had been 27.1 percent, it has come down to 5.3 percent in 2022-23.
270 Million Out of Extreme Poverty in a Decade
India has managed to pull approximately 270 million (actually a bit above 269 million) out of extreme poverty in the last ten years, according to World Bank statistics. The report describes this as a 'remarkable achievement' of socio-economic development. Coincidentally, World Bank's 2022 report entitled 'Poverty and Shared Prosperity' stated that at least 56 million Indians had slipped below the poverty line during the 2020 COVID-19 pandemic.
Post-Pandemic Recovery Marks Major Success
The recent report clearly indicates that the poverty reduction program has made tremendous strides under Prime Minister Narendra Modi after weathering the shock of the pandemic. During 2011-12, India's 'extremely poor' people numbered around 345 million. During 2022-23, it reduced to 75 million. The report even goes on to mention that during 2011-23, the low- and middle-income group poverty rate also reduced from 57.7 percent to 23.9 percent. The World Bank previously employed a daily expenditure benchmark of $2.15 (approximately Rs. 184) to measure poverty. It was raised in 2021 to $3 (approximately Rs. 257).
