India nearly eliminates extreme poverty, says report

India has nearly eliminated extreme poverty, with less than 3% of Indians living below the extreme poverty line of $1.9 per day in purchasing power parity terms, according to the World Poverty Clock.

Taking to social media X, Shamika Ravi, Member to Prime Minister Economic Advisory Council, confirmed the development, calling it the "most significant global development".

saying that around 3.4 crore people are now living in extreme poverty, compared to 4 crore in 2023 and 4.6 crore in the previous year.

"Extreme Poverty is now eliminated in India. The World Poverty Clock updates: shows India’s extreme poverty at less than 3%. This is one of the most significant global developments of our lifetime."

The World Poverty Clock provides real-time poverty estimates through 2030 for nearly every country in the world. It monitors progress against Ending Extreme Poverty, which is the UN’s first SDG.

The report based its findings on the latest Consumer Expenditure Survey released by the National Sample Survey Office which also states India's poverty levels dropped sharply in 2022-23, with urban poverty at 4.6 percent and rural at 7.2 percent.

The data also shows real per capita consumption growth of 2.9 percent per annum since 2011-12. Rural growth at 3.1 percent, significantly higher than urban growth of 2.6 percent.

India's achievement makes a significant milestone in the direction of the first of 17 Sustainable Development Goals (SDG), as prescribed by United Nations with a timeline of 2030.

Global think-tank Brookings in its report said that high growth and a large decline in inequality have combined to eliminate poverty in India for the $1.9 poverty line.

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