India Achieves Historic Reduction in Absolute Poverty

India has virtually eliminated absolute poverty based on World Bank standards, according to Arvind Virmani from Niti Aayog. Addressing the IMC Chamber of Commerce, he noted that the 'vulnerable' population has significantly decreased, but income distribution remains a concern.

In a significant assertion, Arvind Virmani from Niti Aayog declared that absolute poverty in India is nearly eradicated according to the World Bank's measure of individuals earning less than USD 1.9 a day. This revelation was made during an event held by the IMC Chamber of Commerce.

Virmani highlighted the drastic reduction in the percentage of the population categorized as 'vulnerable' and predicted its complete elimination within the next seven years. Despite these economic strides, he acknowledged ongoing challenges with income distribution across the country.

He stressed the need for targeted actions to assist the remaining 1% living in absolute poverty, especially those in remote or hilly areas. Historically conceived as earning below USD 1 per day, this definition now equates to USD 1.9 due to inflationary adjustments. Meanwhile, the vulnerable section, previously above 50%, now stands at 15%.

(With inputs from agencies.)