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LATEST NEWS UPDATES | 5.6 crore Indians plunged into poverty in 2020, says World Bank

5.6 crore Indians plunged into poverty in 2020, says World Bank

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published Published on Oct 5, 2022   modified Modified on Oct 6, 2022

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Data from a survey conducted by think tank CMIE had to be used as India has not published official figures since 2011, the financial body said.

A total of 5.6 crore Indians slipped into poverty in the pandemic year of 2020, the World Bank said in a report on Wednesday, citing data from a household survey conducted by think tank Centre for Monitoring Indian Economy.

The findings of the Consumer Pyramids Household Survey done by the Centre for Monitoring Indian Economy are yet to be finalised, but they have been used for the global poverty estimates made by the World Bank in its report titled “Poverty and Shared Prosperity 2022”.

Data from the CMIE survey was used to fill gaps in global and regional poverty estimates as India has not published official figures since 2011, the World Bank said.

The financial body, however, noted that its estimates on poverty in India were significantly higher than a paper presented in the International Monetary Fund that claimed that 2.3 crore Indians fell into poverty in 2020.

The IMF paper, based on national accounts, has been authored by economists Surjit Bhalla, Karan Bhasin and Arvind Virmani. Bhalla, who resigned as a member of the Economic Advisory Council to the prime minister in 2018, is currently the executive director for India at the IMF.

Meanwhile, the World Bank report noted that while the final numbers could be higher or lower, all indications suggested that the global shock to poverty reduction as a result of the coronavirus pandemic was “historically large”.

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Scroll.in, 6 October, 2022, https://scroll.in/latest/1034384/5-6-crore-indians-plunged-into-poverty-in-2020-says-world-bank


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