Extreme Poverty Rate Drops To 5.3% From 27.1% In India: World Bank Report

The World Bank's latest report reveals a significant reduction in India's extreme poverty rate, which plummeted to 5.3% in 2022-23 from 27.1% in 2011-12. This drastic decline signifies a substantial improvement in living conditions for millions across the country. The report highlights that approximately 75.24 million people were living in extreme poverty during the last fiscal year, a stark contrast to the 344.47 million recorded a decade earlier. Several factors have contributed to this remarkable progress. Economic reforms, increased access to education, and targeted welfare programs have all played crucial roles in lifting individuals out of poverty. Furthermore, initiatives aimed at boosting rural development and enhancing infrastructure have also been pivotal in creating more opportunities for economic advancement among India's underserved populations. While this achievement marks a milestone in India's development journey, challenges remain in ensuring sustained growth and equity. Addressing issues such as income disparity and job creation will be essential in maintaining the momentum. The report calls for continued efforts to build on these gains, emphasizing the importance of inclusive policies and investments that prioritize the well-being of all citizens.

— Authored by Next24 Live