India lifts 496 mn out of poverty in 12 years, extreme poverty plunges to 2.6%: World Bank

India has made significant strides in reducing poverty over the past decade, according to the World Bank’s latest Poverty and Equity Brief. Between 2011 and 2023, the country lifted an estimated 496 million people out of extreme poverty, with the poverty rate falling from 27.1% to 2.6%. This progress was driven by strong consumption growth, rising employment, particularly among women, and expanded social transfers.

The World Bank attributes India's poverty decline to these factors, although it cautions that further reductions may slow down. While India has also seen substantial improvements in non-monetary poverty indicators, regional and employment-related challenges persist, with a significant portion of the poor concentrated in specific states.

Brief written by urgent.news from Qatar Tribune Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.