Efforts on to erradicate extreme poverty in Kerala: CM
Pinarayi Vijayan said his government would ensure that there are no people suffering from extreme poverty in the state by November 1, 2024.
India’s less than 3% of population is now living below the extreme poverty line of $1.9 (PPP) per day resulting in elimination of the extreme poverty, the data of the World Poverty Clock said.
The World Poverty Clock provides a real-time platform to monitor poverty reduction across countries.
It monitors progress against Ending Extreme Poverty, which is the UN’s first Sustainable Development Goal (SDG).
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As per the data, around 3.4 crore people are living in extreme poverty. The number was 4 crore in 2023 and 4.6 crore in the previous year, according to the World Poverty Clock.
Purchasing power parity (PPP) terms is a metric which allows global comparisons of economic data. It said that 94% of the people living in extreme poverty are in rural areas, and the remaining 6% in urban areas.
The Consumer Experience Survey said India’s poverty levels dropped sharply in 2022-23, with urban poverty at 4.6% and rural at 7.2%.
Real per capita consumption growth of 2.9% per annum since 2011-12. Rural growth at 3.1%, significantly higher than urban growth of 2.6%.
Further, the survey highlighted the reduction in spending on food items as a percentage of total monthly per capita consumption expenditure in both rural and urban areas.
Global think-tank Brookings also said high growth and a large decline in inequality have combined to eliminate poverty in India for the $1.9 poverty line.
Recently, Barclays has also raised its GDP growth forecast for India for 2023-24 by a massive 110 basis points to 7.8%. The bank’s economists also revised upward their prediction for 2024-25 by 50 basis points to 7%.
Barclays’ growth forecast for 2024-25, at 7% is now in line with that of the Reserve Bank of India (RBI).
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