India Has Eliminated Extreme Poverty, Says US Think Tank Brookings
NDTV
The data presented challenges to previous estimates by the World Bank, indicating a lower number of impoverished individuals in India.
The American think tank Brookings Institution, in its latest report, lauded India for eliminating extreme poverty, marking a significant milestone in the nation's socio-economic landscape. Authored by economists Surjit Bhalla and Karan Bhasin, the report attributes the achievement to the Indian government's robust policy initiatives focused on redistribution, fostering inclusive growth throughout the past decade.
The study puts out statistics that show a substantial decline in the headcount poverty ratio and a surge in household consumption. The data presented challenges to previous estimates by the World Bank, indicating a lower number of impoverished individuals in India.
One of the pivotal factors contributing to this success, according to the study, is the amalgamation of high economic growth and a significant reduction in income inequality. The 'headcount poverty ratio at the purchase power parity $1.9 level plummeted from 12.2% in 2011-12 to a mere 2% in 2022-23.
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