discuss low incidence of poverty
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India has a significant problem of poverty, despite being one of the fastest-growing economies in the world. It had a growth rate of 7.11% in 2015, and a sizable consumer economy. The World Bank reviewed and proposed revisions on May 2014 to its poverty calculation methodology and purchasing power parity basis for measuring poverty worldwide. According to this revised methodology, the world had 872.3 million people below the new poverty line, India had third highest number of people living in extreme poverty in after Nigeria and Congo in January 2019. Although, it was a minimal 3.6% in terms of percentage. As of 2014, 58% of the total population were living on less than $3.10 per day. According to the Modified Mixed Reference Period (MMRP) concept proposed by World Bank in 2015, India's poverty rate for period 2011-12 stood at 12.4% of the total population, or about 172 million people; taking the revised poverty line as $1.90.
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India has a significant problem of poverty, despite being one of the fastest-growing economies in the world. It had a growth rate of 7.11% in 2015, and a sizable consumer economy. The World Bank reviewed and proposed revisions on May 2014 to its poverty calculation methodology and purchasing power parity basis for measuring poverty worldwide. According to this revised methodology, the world had 872.3 million people below the new poverty line, India had third highest number of people living in extreme poverty in after Nigeria and Congo in January 2019. Although, it was a minimal 3.6% in terms of percentage. As of 2014, 58% of the total population were living on less than $3.10 per day. According to the Modified Mixed Reference Period (MMRP) concept proposed by World Bank in 2015, India's poverty rate for period 2011-12 stood at 12.4% of the total population, or about 172 million people; taking the revised poverty line as $1.90.
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