India's extreme poverty has dropped sharply to 5.3% due to free, subsidized food transfers: World Bank Data Show | Mint

New Delhi, June 7 (PTI) The extreme poverty of India dropped sharply to 5.3 percent over a decade of 27.1 percent in 2011-12, even though the World Bank revised its threshold poverty to 3 per day. Given the inflation rate of India between 2017 and 2021, a revised extreme poverty of USD 3 would make up a 15 percent higher threshold than USD 2.15 expressed in 2021 prices and resulted in a 5.3 percent poverty in 2022-23, the World Bank said in a report. In India, the report says, 54,695.832 people lived less than USD 3 per day in 2024. Thus, the poverty on USD 3 per day (2021 PPP percentage population) of 5.44 percent in 2024. Free and subsidized food transfers supported poverty reduction, and the rural-urban poverty narrowed. The five most populated states account for 54 percent of the extremely poor, it says. As for the economy, the report says, the real GDP of India was about 5 percent below the pre-pandemic tendency from FY25. The growth must gradually come together to potential over 2027-28, assuming that the current global uncertainties are resolved in an orderly manner, it states. “However, the outlook is subject to significant disadvantage risks, as policy shifts can unfold worldwide. Increased trade tensions will dampen the demand for the execution of India and further delay the investment in investment,” it states. The current account deficit is expected to be about 1.2 percent of GDP above the FY26-28 on average and adequately financed by capital inflows, it states, adding that the foreign exchange reserves are expected to remain stable of GDP. India lifted up 171 million people of extreme poverty between 2011-12 and 2022-23, the World Bank said. “Over the past decade, India has significantly reduced poverty. Extreme poverty (living at less than USD 2.15 per day) has dropped from 16.2 percent in 2011-12 to 2.3 percent in 2022-23, which in April 171 million people above this line. said that.