SBI Research: Extreme poverty in India reduced to minimal levels

As the poverty rates in the country declined below 5 per cent in 2024, a research study by State Bank of India (SBI) also highlighted that the extreme poverty in the country has reduced to minimal.

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It said "At an aggregate level, we believe poverty rates in India could now be in the range of 4-4.5 per cent with almost minimal existence of extreme poverty"

The report also highlighted significant improvements in rural and urban poverty levels over the years, supported by data from the government's Consumption Expenditure Survey.

According to the survey, rural poverty is estimated at 4.86 per cent in FY24, a sharp decline from 7.2 per cent in FY23 and 25.7 per cent in FY12. Similarly, urban poverty has dropped to 4.09 per cent in FY24, compared to 4.6 per cent in FY23 and 13.7 per cent in FY12.