New Delhi : India Achieves Landmark Milestone: Officially Eradicates Extreme Poverty, States Brookings Report
NEW DELHI: A recent report published by the American think tank Brookings by economists Surjit Bhalla and Karan Bhasin highlights India's success in eradicating 'extreme poverty' The report highlights a sharp fall in poverty rates and household consumption emphasizes ever-increasing roles, and shows great socio-economic change Based on the studies on recent consumption surveys show unprecedented reductions in poverty in both urban and rural areas. Bhalla and Bhasin’s study the difficulties and challenges in the past, particularly as per the World Bank estimates that highlights the poor minority in India.
Thus the brookings attributes this historic progress to the government’s aggressive policy focus on redistribution, which has fostered inclusive growth across the country over the past decade. Increased economic growth, coupled with a sharp decline in inequality, have synergistically contributed to this dramatic reduction in poverty. Hence the major findings show that the Headcount Poverty Ratio (HCR) at the 2011 Purchasing Power Parity (PPP) USD 1.9 poverty threshold has declined from 12.2 per cent in 2011-12 to just 2 per cent by 2022-23 in.
This represents an impressive year-on-year decline of 0.93 percentage points (ppt), underscoring the pace of growth. Thus, particularly noteworthy is the sharp decline in HCR in the context of increasing poverty rates.Traditionally achieving such a decline was a protracted effort for India, taking three decades. However, the current report confirms that this milestone was accomplished within a span of 11 years that demonstrates the effectiveness of recent policy interventions and investment strategies.
This reports contents showcases a watershed moment in India’s socio-economic landscape thus rightly pointing to a future of greater prosperity and inclusion. As the country India, continues its growth and development trajectory in the coming era, the sustained efforts of the Government resulted towards poverty reduction, eradication and equitable distribution of resources remain central.