SBI study reveals sharp decline in poverty rates in India

Published By : Chinmaya Dehury | January 3, 2025 3:27 PM

New Delhi, Jan 03: A research study by the State Bank of India (SBI) has revealed a significant reduction in extreme poverty across the country, with poverty rates dropping below 5 percent in 2024.

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According to the Consumption Expenditure Survey, rural poverty has declined sharply to 4.86 percent in FY24, compared to 7.2 percent in FY23 and 25.7 percent in FY12. Urban poverty also saw a drop, reaching 4.09 percent in FY24, down from 4.6 percent in FY23 and 13.7 percent in FY12.

The report emphasizes the remarkable progress in both rural and urban poverty levels, supported by data from the government’s Consumption Expenditure Survey. It states, "At an aggregate level, we believe poverty rates in India could now be in the range of 4-4.5 percent, with almost no extreme poverty remaining."

Prime Minister Narendra Modi recently highlighted that over 23 crore people have emerged from poverty over the past decade. However, the poverty estimates may see slight revisions once the 2021 census is completed and updated rural-urban population data is available. Despite this, SBI Research anticipates that urban poverty may continue to decline in the coming years.

The methodology used for these estimates relies on the poverty line defined in 2011-12, adjusted for inflation over the decade and an imputation factor derived from National Sample Survey Office (NSSO) data. For 2023-24, the revised poverty lines stand at Rs 1,632 for rural areas and Rs 1,944 for urban areas.

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