Poverty, Prosperity, and Planet Report 2024

Recently,  The  World Bank report (The ‘Poverty, Prosperity and Planet: Pathways out of the Polycrisis’) revealed that 129 million Indians are living in extreme poverty in 2024. 

World Bank Report on Poverty in India: Key Findings

  • Extreme Poverty in India
    • In 2024, 129 million Indians lived in extreme poverty, earning less than $2.15 (about ₹181) a day.
      • This is a significant reduction from 431 million in 1990.
    • In 2021, extreme poverty in India decreased by 38 million, bringing the total to 167.49 million after an increase in previous years.
    • Higher Poverty Standard
      • With a poverty line set at $6.85 (Rs 576) per day, more Indians are now below the poverty line than in 1990.
      • This increase is primarily due to population growth.

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  • Survey Methodology Changes in India:
    • India’s Household Consumption and Expenditure Survey (HCES) for 2022-23 used the Modified Mixed Reference Period (MMRP) method for data collection, which could affect future poverty estimates.
      • The report highlights the need for careful analysis of recent survey data from the Household Consumption and Expenditure Survey (HCES) for 2022-23.
      • India has experimented with different recall periods (the time respondents recall past consumption) to improve data accuracy.
  • Global Trends in Poverty
    • The World Bank report states that global poverty reduction has slowed considerably.
    • Planet Report 2024700 million people (8.5% of the global population) live in extreme poverty, earning less than $2.15 per day.
    • Progress has slowed due to low growth, the COVID-19 pandemic, and increased fragility.
      • Poverty rates in low-income countries are worse than before the pandemic.
    • The decade from 2020 to 2030 is expected to be a “lost decade” for poverty eradication.
    • At the current rate, extreme poverty eradication by 2030 is unlikely.
      • It will take decades to eradicate extreme poverty and over a century to lift people above the $6.85/day mark.
      • Solutions to help Poor
        • Improving labor incomes, creating better jobs, and investing in education, infrastructure, and basic services to help people in poverty.
  • India’s Role in Global Poverty
    • India’s contribution to global extreme poverty is projected to decline significantly over the next decade.
    • Even if India reduces its extreme poverty rate to zero by 2030, the global extreme poverty rate would only fall from 7.31% to 6.72%, still above the 3% target.

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About Poverty, Prosperity, and Planet Report 

  • Published by: The World Bank
  • Scope: The report examines global poverty trends, prosperity, and the impact of multiple crises, offering pathways to overcome these challenges.
  • It highlights the importance of addressing poverty while promoting inclusive economic growth and safeguarding the planet’s resources.
  • Key themes include: Poverty Alleviation, Economic Prosperity, Environmental Sustainability, and social equity. 

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