NEW DELHI: Poverty rates in India fell below 5% and the existence of extreme poverty became almost minimal in 2024, according to a study by the State Bank of India.
"At an aggregate level, we believe poverty rates in India could now be in the range of 4-4.5 per cent with almost minimal existence of extreme poverty," the research said.
The report highlighted notable progress in reducing both rural and urban poverty, as revealed by the government's Consumption Expenditure Survey. Rural poverty in FY24 stood at 4.86%, a drop from 7.2% in FY23 and 25.7% in FY12.
The report credited the reduction in rural poverty to increased consumption growth among the bottom 5% of the population, resulting in a shift in the poverty line.
Similarly, urban poverty decreased to 4.09% in FY24, down from 4.6% in FY23 and 13.7% in FY12.
The study noted that poverty estimates could see slight adjustments pending the completion of the 2021 census and the release of updated rural-urban population data.
"It is possible that these numbers could undergo minor revisions once the 2021 census is completed and new Rural Urban population share is published. We believe Urban poverty could decline even further," it said.
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