Significant Reduction in Rural Poverty

According to recent SBI research, rural poverty has seen a remarkable decrease to 4.86% in the fiscal year ending March 2024, down from 25.7% in 2011-12. This significant decline is largely attributed to various government support programs aimed at enhancing the living standards of the rural population.

Urban Poverty Also Sees a Decline

Urban areas have not been left behind, with poverty rates estimated to have dropped to 4.09% from 13.7% in the same period. The SBI research highlights the impact of government initiatives and the importance of managing food prices to sustain this positive trend.

Consumption Inequality Narrows

The latest Household Consumption Expenditure Survey indicates a reduction in consumption inequality across both rural and urban areas. This improvement is a testament to the effectiveness of targeted government policies and programs aimed at reducing poverty and enhancing economic stability.

Future Projections

With the anticipated completion of the 2021 census and the publication of new rural-urban population shares, there is optimism for further reductions in poverty rates. Enhanced physical infrastructure and government initiatives are expected to continue playing a pivotal role in this ongoing progress.