India’s extreme poverty rate dramatically decreased from 27.1% in 2011-12 to 5.3% in 2022-23, lifting approximately 269 million people out of extreme poverty. This reduction, based on World Bank data using a $3.00 per day poverty line, was widespread across rural and urban areas. States such as Uttar Pradesh, Maharashtra, Bihar, West Bengal, and Madhya Pradesh significantly contributed to this decline. The substantial decrease is attributed, in part, to government initiatives like the PM Awas Yojana and Direct Benefit Transfer.
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India’s economy has surpassed Japan’s, securing its position as the world’s fourth largest with a USD 4 trillion valuation, according to NITI Aayog CEO BVR Subrahmanyam. This achievement, based on IMF data, positions India behind only the US, China, and Germany. Further growth is projected, potentially making India the third largest economy within 2.5 to 3 years. A second round of asset monetisation is also planned for August.
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Between 2011-12 and 2022-23, India significantly reduced extreme poverty, lifting 171 million people above the $2.15-a-day international poverty line. This dramatic decrease, impacting both rural and urban areas, saw India transition to lower-middle-income status. Five populous states drove much of this reduction, though poverty remains concentrated in these regions. Positive employment trends, including lower urban unemployment and increased female employment, are offset by high youth and graduate unemployment, along with a persistent gender gap in paid work.
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John Q. Hosedrinker