India’s Poverty Below 5 Percent: NITI Aayog CEO

India's Poverty Below 5 Percent: NITI Aayog CEO

VoM News Desk | February 26, 2024 | 12:20 PM IST | Featured by VoM, India | Follow on Google News

India’s Poverty Below 5 Percent: NITI Aayog CEO

India’s Poverty Below 5 Percent: NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam has declared that poverty in India has dropped below 5%, citing the latest Household Consumption Expenditure Survey (HCES). The survey, conducted from August 2022 to July 2023, reflects increased household consumption, signaling the success of poverty alleviation measures. The average monthly per capita consumption expenditure (MPCE) has surged in both rural and urban areas. Urban households witnessed a 33.5% increase to Rs 3,510, while rural areas saw a significant 40.42% rise, reaching Rs 2,008.

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India’s Poverty Below 5 Percent: Shift in Spending Patterns and Consumption Divide Narrowing

The survey highlights a shift in spending patterns, notably a reduction in the percentage of total expenditure allocated to food by rural households. For the first time, rural households spent less than 50% on food. The urban-rural consumption divide has decreased from 91% in 2004-05 to 71% in 2022-23, indicating a reduction in inequality.

India’s Poverty Below 5 Percent: Inclusive Benefits and Positive Indicators

Subrahmanyam noted that healthcare benefits under the Ayushman Bharat scheme and free education were not considered in the survey. He suggested that destitution and deprivation have nearly disappeared, pointing to a positive trajectory in India’s poverty reduction efforts.

These survey insights provide a comprehensive evaluation of poverty levels, shedding light on the effectiveness of government initiatives and the evolving economic landscape in the country.

VoM News Desk

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