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LATEST NEWS UPDATES | 56 mn Indians may have turned poor in 2020 due to pandemic: World Bank -Asit Ranjan Mishra

56 mn Indians may have turned poor in 2020 due to pandemic: World Bank -Asit Ranjan Mishra

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published Published on Oct 6, 2022   modified Modified on Oct 13, 2022

-Business Standard

"The global goal of ending extreme poverty by 2030 is likely to be missed: by then, about 600 million people will remain in abject poverty. A major course correction is needed," Indermit Gill said.

About 56 million Indians may have plunged into extreme poverty in 2020 as a result of the pandemic, increasing the global tally by 71 million and making it the worst year for poverty reduction since World War II, according to fresh estimates by the World Bank.

“The global goal of ending extreme poverty by 2030 is likely to be missed: By then, about 600 million people will remain in abject poverty. A major course correction is needed,” Indermit Gill, chief economist at the World Bank, tweeted.

The World Bank in its latest “Poverty and Shared Prosperity” made fresh estimates of poverty using a new extreme poverty line based on the purchasing power parity (PPP) of $2.15, the earlier one being at $1.9.

The multilateral lending institution used data from the Consumer Pyramids Household Survey (CPHS), conducted by the Centre for Monitoring Indian Economy (CMIE), to estimate poverty for India in the absence of Household Consumer Expenditure Survey data from the government since 2011-12.

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Business Standard, 6 October, 2022, https://www.business-standard.com/article/economy-policy/56-mn-indians-may-have-turned-poor-in-2020-due-to-pandemic-world-bank-122100601068_1.html


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