If current trends persist, they will account for nine-tenths by 2030. The study said that Africa accounts for about two-thirds of the world’s extreme poor. These form the basic building blocks for poverty trajectories computed for 188 countries.
It takes into account household surveys and projections of economic growth from the IMF’s World Economic Outlook. It showed global income increases in the last decades have led to systematic decreases in poverty rates worldwide, with the experience in India and China having played the most important role when it comes to the overall number of persons escaping absolute poverty.Īt the heart of the study is the World Poverty Clock. The benchmark projections of poverty by country imply a high speed of poverty reduction in South Asia, East Asia and the Pacific, fuelled by the high rates of income per capita growth in India, Indonesia, Bangladesh, the Philippines, China and Pakistan, the study says. The UN-sponsored Sustainable Development Goals aim to eliminate global poverty by 2030. “But to achieve that we must continue to grow at 7%-8% for the remaining period,” he said.
“Going ahead, the challenge is to meet the Sustainable Development Goals, which will help realise the study’s findings that India would be able to eliminate extreme poverty by 2030,” he said.īhanumurthy said the assumption that India would be able to eliminate extreme poverty by 2030 seems realistic given the country’s record in the past 10 years in reducing poverty and its ability to meet the Millennium Development Goals. “Basically it supports the growth story and the 1991 economic reforms that have helped reduce poverty,” said N R Bhanumurthy, professor at the National Institute of Public Finance and Policy. According to the World Bank, between 20 poverty declined in India from 38.9% of the population to 21.2% (2011 purchasing power parity at $1.9 per person per day).Įconomists said the finding of the study supports the argument that rapid economic growth had helped make a dent in extreme poverty. However, the estimates of extreme poverty reduction may not match with Indian numbers because of differences in how poverty is measured. What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall.” The study, published in the ‘Future Development’ blog of Brookings, says, “At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. Defining extreme poverty as living on less than $1.9 a day, a recent study published in a Brookings blog says that by 2022, less than 3% of Indians will be poor and extreme poverty could be eliminated altogether by 2030. 3 later this year, with the Democratic Republic of the Congo taking the number 2 spot. If present trends continue, India could drop to No. As a result, India has finally shed the dubious distinction of being home to the largest number of poor, with Nigeria taking that unwanted position in May 2018.
In fact, about 44 Indians come out of extreme poverty every minute, one of the fastest rates of poverty reduction in the world. In the time that it takes you to read this article, several Indians will have escaped the clutches of extreme poverty. #upsc mains 2018 exam topic of economic issues.India has finally shed the dubious distinction of being home to the largest number of poor, with Nigeria taking that unwanted position in May 2018.upsc main, India no longer home to the largest number of poor: Study
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