Poverty and Shared Prosperity Report 2022

Poverty and Shared Prosperity Report 2022

5.6 crore Indians slipped into poverty in India in 2020

The World Bank recently released its Poverty and Shared Prosperity Report for the year 2022, titled “Correcting Course”. This edition provides the first comprehensive look at the landscape of poverty after the series of shocks the global economy has received in the past couple of years.

Global Scenario

1. Globally, we might fail to achieve our goal of eliminating world poverty by the year 2030.

2. In 2020 alone, 70 million people plunged into poverty marking the biggest one year rise since the beginning of global poverty monitoring.

3. This increasing poverty has caused a huge setback on the achievements of the past two-and-a-half decades.

4. For the first time since the measurement of median income began in 1990, it witnesses a decline. The global median income fell by 4% in 2020.

5. In lieu, of the current trends and figures, nearly 7% of the world population is expected to be living on less than $2.5 a day in 2030.

6. The pandemic brought about a substantial increase in global inequality, with income losses borne by the poorest 40% being almost double the losses borne by the wealthiest 20% globally.

?Indian Scenario

1. The lack of availability of data on poverty in India since 2011, poses a major hindrance in drawing up global estimates. Due to lack of official data, World Bank relied upon the findings of the Centre for Monitoring Indian Economy’s (CMIE’s) Consumer Pyramids Household Survey (CPHS).

2. As per this data, nearly 5.6 crore Indians slipped into poverty in India in 2020 alone.

3. The overall poverty in India however witnessed a decline, substantially owing to the fall in rural poverty between 2011 and 2020.?