India’s Poverty Levels Declined Below 5% – NITI Aayog
Source: The Hindu
GS III: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment
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Why in the News?
Poverty levels below 5%, claims NITI Aayog chief.
News in Brief
- Less than 5% of Indians are now expected to be below the poverty line, and extreme destitution has almost gone away, a top government official asserted on February 25, citing the findings of the Household Consumption Expenditure Survey (HCES) for 2022-23.
- Retail inflation has also likely been overstated in recent years.
- Dismissing the narrative that the rural economy is weak and India’s growth story is ‘restricted to a few people’, B.V.R. Subrahmanyam, the chief executive officer of the Centre’s think tank Niti Aayog, averred that growth is “broad-based” with rural Indians’ incomes and spends rising faster than their urban peers.
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