"INDIA IS NOT A POOR COUNTRY" argue either in favour or against this statement in 350 words
Answers
Answer:
Explanation:
The first thing that comes into people’s mind when they hear the word capitalism is greed. People associate capitalism with power and greed. They believe capitalism is an economic system which benefits only the rich, and that without socialism we would be slaves of the capitalists. A mixed economy, some of them believe, will give the best of both worlds. This is hardly the truth. Capitalism is an economic system in which the means of production are privately owned. It is a system based on the voluntary exchange of goods and services. Socialism is the exact opposite of that. Now, let me ask you a question: Which of the two systems will produce better outcomes? Capitalism or Socialism? If your answer is socialism, then this article is for you.
Socialism has done nothing to improve our lives. In fact, wherever this system is tried, it results in poverty. Countries like Venezuela, Cuba tried it, and they failed. Food, Clothing and Shelter, the basic necessities of life, are a luxury in these countries. Compare that with America, a country built by Capitalism where even the poor have refrigerators, televisions, etc. The number of people living in absolute poverty has declined from 94% of the world’s population to 9.6% of the world’s population. This is because of capitalism.
Explanation:
As India is one of the fastest-growing economies in the world, poverty is on the decline in the country, with close to 44 Indians escaping extreme poverty every minute, as per the World Poverty Clock. India had 73 million people living in extreme poverty which makes up 5.5% of its total population, according to the Brookings report. In May 2012, the World Bank reviewed and proposed revisions to their poverty calculation methodology and purchasing power parity basis for measuring poverty worldwide. It was a minimal 3.6% in terms of percentage. As of 2020, the incidence of multidimensional poverty has significantly reduced, declining from 54.7 percent to 6 percent.
India
Poverty rate map of India by prevalence in 2012, among its states and union territories
India Poverty rate since 1993 based on World Bank $2.00 ppp value
According to United Nations Development Programme Administrator Achim Steiner, India lifted 271 million people out of poverty in a 10-year time period from 2005/06 to 2015/16.
The World Bank has been revising its definition and benchmarks to measure poverty since 1990, with a $2 per day income on purchasing power parity basis as the definition in use from 2005 to 2013. Some semi-economic and non-economic indices have also been proposed to measure poverty in India. For example, in order to determine if a person is poor or not, the Multi-dimensional Poverty Index places a 33% weight on the number of years that person spent in school or engaged in education and a 6.25% weight on the financial condition of that person.
The different definitions and underlying small sample surveys used to determine poverty in India have resulted in widely varying estimates of poverty from the 1950s to 2010s. In 2019, the Indian government stated that 6.7% of its population is below its official poverty limit. Based on 2019's PPPs International Comparison Program, According to the United Nations Millennium Development Goals (MDG) programme,88 million people out of 1.2 billion Indians, roughly equal to 6.7% of India's population, lived below the poverty line of $1.25 in 2018–19.
From the late 19th century through the early 20th century, under British colonial rule, poverty in India intensified, peaking in the 1920s. Famines and diseases killed millions each time. After India gained its independence in 1947, mass deaths from famines were prevented.[citation needed] Since 1991, rapid economic growth has led to a sharp reduction in extreme poverty in India. However, those above the poverty line live a fragile economic life.
As per the methodology of the Suresh Tendulkar Committee report, the population below the poverty line in India was 354 million (29.6% of the population) in 2009-2010 and was 269 million (21.9% of the population) in 2011–2012.[citation needed] In 2014, the Rangarajan Committee said that the population below the poverty line was 454 million (38.2% of the population) in 2009-2010 and was 363 million (29.5% of the population) in 2011–2012. Deutsche Bank Research estimated that there are nearly 300 million people who are in the middle class. If these previous trends continue, India's share of world GDP will significantly increase from 7.3% in 2016 to 8.5% by 2020. In 2012, around 170 million people, or 12.4% of India's population, lived in poverty (defined as $1.90 (Rs 123.5)), an improvement from 29.8% of India's population in 2009. In their paper, economists Sandhya Krishnan and Neeraj Hatekar conclude that 600 million people, or more than half of India's population, belong to the middle class.
The Asian Development Bank estimates India's population to be at 1.28 billion with an average growth rate of 1.3% from 2010–2015. In 2014, 49.9% of the population aged 15 years and above were employed. 6.9% of the population still lives below the national poverty line and 3% in extreme poverty (December 2018). The World Poverty Clock shows real-time poverty trends in India, which are based on the latest data, of the World Bank, among others. As per recent estimates, the country is well on its way of ending extreme poverty by meeting its sustainable development goals by 2030.
According to Oxfam, India's top 1% of the population now holds 73% of the wealth while 670 million citizens, comprising the country's poorest half, saw their wealth rise by just 1%.
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