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Informist, Tuesday, Oct. 15, 2024

 

NEW DELHI – The number of extremely poor people in India--people living on $2.15 a day or less--has fallen to 129 million in 2024 from 431 million in 1990, the World Bank said Tuesday. However, more people in the country now live on less than $6.85 per day--the World Bank's own poverty line--than in 1990, driven largely by population growth, the multilateral development bank said in its new 'Poverty, Prosperity, and Planet' report.

 

Using the $6.85 poverty line, the national poverty rate in India has declined to 87.4% from 90.3?rlier, the World Bank said. Extreme poverty in India is already projected to fall below 3% by the end of this decade. As such, its contribution to global extreme poverty is projected to decline significantly over the next decade, the World Bank said. 

 

Globally, it could take more than a century to eliminate poverty for nearly half the world-–people who live on less than $6.85 per day--at the current pace, the World Bank said. Today, 44% of the world’s population lives on less than $6.85 per day, the poverty line for upper-middle-income countries, according to the World Bank.

 

Further, the global goal of ending extreme poverty-–people living on $2.15 per day-–by 2030 is also out of reach, the World Bank said in the report, which provides the first post-pandemic assessment of global progress toward eradicating poverty. In fact, it could take another three decades or more to eliminate extreme poverty, which is relevant primarily for low-income countries, the institution said.

 

Almost 700 million people, or 8.5% of the global population, currently live on less than $2.15 per day, with 7.3% of the population projected to be living in extreme poverty in 2030.

 

"After decades of progress, the world is experiencing serious setbacks in the fight against global poverty, a result of intersecting challenges that include slow economic growth, the pandemic, high debt, conflict and fragility, and climate shocks," Axel van Trotsenburg, the World Bank's senior managing director, said in a press release.  

Progress in reducing the global prosperity gap, the World Bank’s new measure of shared prosperity, has stalled since the COVID-19 pandemic, highlighting a slowdown in inclusive income growth over this period. "On average, incomes around the world would have to rise five-fold today to reach the level of $25 per person per day, the minimum prosperity standard for high-income countries," the report said.  End

 

US$1 = INR 84.04

 

Reported by Shubham Rana

Edited by Rajeev Pai

 

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