Welcome to our latest blog post where we bring you exciting news about poverty trends in India! A recent survey has estimated a significant decline in poverty rates, dropping from 21% in 2011-12 to 8.5% currently. This is a remarkable improvement that indicates a positive shift in economic conditions for many individuals.
The survey, conducted by the India Human Development Survey, utilized the inflation-adjusted poverty line recommended by the Tendulkar Committee. This method is also used by the government to develop and implement various welfare schemes. Interestingly, the poverty estimates derived from this survey are lower than the international poverty line of $2.15 set by the World Bank in 2017.
Breaking down the data further, the survey highlights a sharper decrease in poverty levels in rural areas, with rates falling from 24.8% in 2011-12 to 8.6% presently. Urban areas have also seen a decline from 13.4% to 8.4%. These findings demonstrate a positive trend in poverty reduction across different regions of India.
Comparing these results with other surveys, it is noteworthy that the SBI Research report estimated rural poverty at 7.2% and urban poverty at 4.6%. Additionally, former RBI governor C Rangarajan and economist S Mahendra Dev predicted a poverty rate of 10.8% in 2022-23, based on household consumption expenditure data.
Furthermore, the survey emphasized the importance of social protection measures that consider various life circumstances that can lead to poverty, such as illness, marriage, and natural disasters. By addressing these factors, it is possible to prevent individuals from slipping back into poverty due to unforeseen events.
In conclusion, the survey points out the need for flexible and efficient social protection programs that can adapt to changing economic conditions. By developing universal programs for basic safety nets, risk insurance, and maintaining a robust institutional framework, India can continue its journey towards equitable development and poverty eradication.
