129 mn Indians living in extreme poverty in 2024: World Bank report | Economy & Policy News

The ‘Poverty, Prosperity and Planet: Pathways out of the Polycrisis’ report, however, clarified that these new datasets had not factored in the Household Consumption and Expenditure Survey (HCES) for 2022-23 released recently. “These new datasets are not reflected in the report, since the necessary analysis could not be completed in time. While the precise impact of adding these two datasets on global poverty is unclear at the time of this writing, key conclusions of the report are robust, such as the increasing concentration of extreme poverty in Sub-Saharan Africa and fragile countries, and that extreme poverty eradication by 2030 is out of reach,” it added.

 

The report noted that global poverty reduction had slowed to a near standstill, with 2020–2030 set to be a lost decade. At the current pace of progress, the report noted that it would take decades to eradicate extreme poverty and more than a century to lift people above $6.85 per day mark.

 

The World Bank said India’s contribution to global extreme poverty was projected to decline significantly over the next decade. “These estimates are based on projections of growth in GDP per capita over the next decade, as well as historical growth rates. Even setting the extreme poverty rate in India in 2030 to zero, the global extreme poverty rate in 2030 would only fall from 7.31 per cent to 6.72 per cent, still well above the 3 per cent target,” it added.

 

> Poverty in India declined by 38 million in 2021 after a surge in the previous two years

> Global poverty reduction is slowing, making 2020-2030 a “lost decade” for progress

> India’s contribution to global extreme poverty is expected to decrease over the next decade

First Published: Oct 15 2024 | 8:54 PM IST