POVERTY REDUCTION IN INDIA
Nirmala Sitharaman flags global risks, says PM Modi Govt ensuring supply stability amid crude, Hormuz pressures
Union Finance Minister Nirmala Sitharaman said India faces risks from crude prices, Middle East tensions and Strait of Hormuz disruptions, but Prime Minister Modi's government is ensuring there is "not a supply disruption" for households and the economy. She made the remarks at the Viksit Bharat event in Karnataka on Sunday while laying out India's economic growth story.
South Asia can generate millions of jobs through agriculture sector: World Bank Group
With agriculture sector employing around 43 per cent of the South Asian workforce, the region has strong potential to emerge as a global leader in food systems, said World Bank Group, as per a statement by the Ministry of Food Processing Industries.
Bonn climate meetings: Concerned by declining levels of climate finance, says India
India has voiced concerns at UN climate meetings in Bonn regarding reduced climate finance and a widening adaptation finance gap. The nation emphasizes the need for developed countries to accelerate emission cuts. India remains committed to climate multilateralism and fulfilling treaty obligations. The focus is now on implementing climate agendas effectively.
Why India should rethink its opposition to WTO plurilateral deals
The 14th WTO ministerial conference highlighted a divide between multilateralism and plurilateralism. India advocates for multilateralism but faces a changing global trade landscape. The article suggests India should strategically engage with plurilateral agreements. This engagement should focus on MFN-based, open plurilaterals housed within the WTO. Such an approach allows India to shape rules and defend the multilateral trading system.
Priority sector lending boosts inclusion, not always guarantee growth: EAC-PM
India's priority sector lending has aided financial inclusion for decades. However, a recent report suggests that simply increasing directed credit might not lead to higher economic growth. The analysis indicates that while these policies have helped reduce poverty, forcing credit into poorer districts may be inefficient. Priority Sector Lending Certificates help banks manage risks associated with these loans.
Luxury schools, big EMIs, premium vacations: CA warns why not low income but expensive expectations is a financial risk
Urban Indian professionals face a new financial risk. High salaries no longer guarantee peace of mind. Rising lifestyle expectations trap many in a cycle of dependency on uninterrupted income. This 'premium fragility' means outward success hides deep financial vulnerability. True financial freedom comes from reducing needs, not just increasing earnings. Detaching identity from consumption is key.
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A founder, a fortune, and Microsoft’s final separation from the Bill Gates empire
The Bill & Melinda Gates Foundation Trust has completed its sale of Microsoft shares. This marks the end of a significant financial tie to the company co-founded by Bill Gates. The foundation plans to disburse its endowment by 2045. This move occurs as Microsoft reasserts its dominance in artificial intelligence and cloud computing.
Quitting tobacco could give economic boost to over 20.5 million households in India
Imagine a future where millions of Indian families break free from the grasp of tobacco, climbing up the economic ladder. The most disadvantaged, particularly those in rural areas, will see the greatest advantages, while middle-income households can also experience considerable growth. This reveals the substantial economic incentives tied to quitting tobacco.
IIFCL to raise up to $1 billion through MIGA guarantee fund this quarter to foster infra sector: MD
India Infrastructure Finance Company Ltd plans to raise up to USD 1 billion. This will be done through the MIGA guarantee fund in the current quarter. The funds will support infrastructure development across India. This initiative aims to reduce the financial burden on the public exchequer. IIFCL is in advanced talks with global banks for this long-term debt.
270 million Indians out of extreme poverty list: World Bank
India has made remarkable progress in reducing extreme poverty. World Bank data shows nearly 270 million people moved out of extreme poverty between 2011-12 and 2022-23. The poverty rate fell significantly, even with a raised global poverty threshold. This achievement highlights India's commitment to evidence-based governance and sustained reforms. Spending inequality has also narrowed across the country.
Extreme poverty in India down to 5.3% in 2022-23: World Bank
India witnessed a significant decline in extreme poverty, dropping from 27.1% in 2011-12 to 5.3% recently, even with the World Bank's revised poverty line of USD 3 per day. This reduction was supported by free and subsidized food transfers, narrowing the rural-urban poverty gap.
India lifted 170 million out of poverty in a decade: World Bank
A World Bank report reveals India lifted 170 million people out of poverty between 2011-12 and 2022-23, with extreme poverty declining significantly. Rural areas saw a greater reduction in poverty compared to urban areas. While consumption inequality improved, income inequality, as per another database, showed an increase, with wage disparities remaining high.
Centre needs to extend policy focus beyond 'roti, kapda, makaan', says the office of CEA
As per the document, Indian witnessed a decline in inequality of consumption in the decade before the LPG reforms of 1991 due to regulatory distortions and state interference, while the rise in inequality after the 1991 reforms were an outcome of market incentives for entrepreneurship and innovation. "The impact of Covid-19 on inequality has been transitory, with the public distribution system and rise in food subsidy substantially curbing a rise in distress levels," it said.
India is taking millions of its people out of extreme poverty now — this will help to reduce global economic inequality: Justin Wolfers
"The biggest low-income nations have moved closer to becoming middle-income — that itself helps to reduce global income inequality. Regarding inequality within countries, consider the US. Here, income inequality grew for four decades — you could put that on Reagan, globalisation, automation, etc," Wolfers said.
13.5 crore Indians moved out of multidimensional poverty in five years, says Niti Aayog report
India witnessed a significant reduction of multidimensional poverty with 13.5 crore people moving out of it between 2015-16 and 2019-21, according to a report by Niti Aayog. The highest reduction was seen in Uttar Pradesh, Bihar, Madhya Pradesh, Odisha and Rajasthan. The National MPI measures poverty through health, education, and standard of living represented by 12 SDG-aligned indicators.
India sees 415 million people coming out of poverty in 15 years: United Nations
India witnessed an achievement in poverty reduction as 415 million people moved out of poverty within 15 years, from 2005/2006 to 2019/2021, according to the United Nations. The Multidimensional Poverty Index update also highlighted that 25 countries, including China, Cambodia, and Vietnam, managed to halve their global MPI values within the same timeframe, demonstrating the possibility of rapid progress, but acknowledged the negative effects of the COVID-19 pandemic on poverty reduction.
View: Government's strategy of welfarism to ward off absolute poverty and reduce poverty
The National Floor Level Minimum Wage (NFLMW) is the floor price below which no state government can fix minimum wages. NFLMW in 2021 remained at ₹178 a day, translating to ₹5,340 a month - grossly inadequate, given that annual inflation stands at 6% upwards.
View: Despite doubts, there’s enough proof to conclude that foreign trade is good for poor
Areas where workers faced foreign competition tended to have greater reduction in poverty rates.
India should focus more on reducing poverty than inequality: Arvind Panagariya
Inequality is complex as well as multi-dimensional and in developing countries like India, poverty reduction should take precedence over inequality removal, Panagariya said.
China, India played central role in global poverty reduction: UN report
The latest estimates show that the proportion of people living on less than $1.25 a day globally fell from 36 per cent in 1990 to 15 per cent in 2011.
'Vested interests setback to India's poverty reduction quest'
The economist said it was "ironical" that during the peak period of the country's development, the corresponding indexes for poverty reduction, nutrition and health status have declined.
India to meet poverty reduction goal by 2015: UN Report
Despite widespread poverty in the country, India is on track to meet UN's Millennium Development Goal (MDG) of poverty reduction by 2015, a UN report said.
India made progress in cutting multidimensional poverty: Study
India reduced multidimensional poverty more than 50% faster than it reduced income poverty in absolute as well as relative terms, the University said.
India needs high GDP growth to reduce poverty at faster pace: Montek Singh Ahluwalia
The reduction in poverty will be slower if the economic growth is not brought back on high growth track, said Planning Commission Deputy Chairman Montek Singh Ahluwalia.
Government's poverty alleviation strategy yielding results: Montek Singh Ahluwalia
Govt's development strategy has worked well with initial estimates suggesting 2% decline in the incidence of poverty during 2011-12, the terminal year of the 11th Five Year Plan, said Montek Singh Ahluwalia.
Slippage in growth below 6% will make poverty reduction distant goals
To achieve a reduction in the number of deprived households, we need a minimum of 6% growth in the economy. Thus, high growth is equally important for poor.
Research by JNU shows inequality has increased in both rural & urban areas
Poverty in India has fallen at twice the rate since 2004-05 , says a study by two professors of Delhi's Jawarharlal Nehru University.
India contributes to large drop in global poverty: UN report
India has contributed to a large reduction in global poverty, according to the UN annual report on the Millennium Development Goals.
Why poverty reduction lags economic expansion in India
The rapid economic expansion over that past two decades has not resulted in matching reduction in poverty
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