Poverty Financial News

Congress on Thursday questioned the Modi government's claim that 250 million people in the country were alleviated from poverty in the last nine years. If the claim was right, why did not the consumption rate increase and why did the Centre still provide free food to crores of people, the main Opposition party asked. Disputing the projection and pointing out that private consumption growth had slowed down to 4.4% this fiscal, compared to 7.1% last fiscal, Congress spokesperson Supriya Shrinate alleged that the government claim on decreasing poverty could be a «conspiracy to deny poor the safety net» provided by the government. Questioning Niti Ayog's finding that 248.2 million people were brought out of poverty, she said: «Why are these people not consuming daily essential items like soap, shampoo, oil and biscuits? Why are companies like HUL, ITC and Britannia reporting muted sales.

₹672.8 in rural areas and ₹859.6 in urban areas and for 2011-12 at ₹816 and ₹1,000, respectively. The Rangarajan committee’s method revised this to ₹972 in rural areas and ₹1,407 in urban centres for 2011-12. Comparing consumption expenditure-based poverty statistics with multidimensional poverty estimates is not straightforward due to their distinct data sources and methodologies.

The Niti Aayog has published a discussion paper titled ‘Multidimensional Poverty in India since 2005-06.’ It is a technical paper that examines our poverty trend over the past two decades. It estimates that nearly 250 million people escaped multidimensional poverty in the last nine years. This estimation is done by interpolating poverty numbers for 2013-14 and 2022-23, based on data extracted from National Family Health Survey rounds 3, 4 and 5 (i.e.

In a new paper, the Niti Aayog said an estimated 248 million Indians exited ‘multidimensional poverty’ (MDP) in the nine-year period of 2013-14 and 2022-23. Prime Minister Narendra Modi has already used the data to suggest a reduction in ‘poverty’ during his tenure. Mint explains how to read it.

Narendra Modi on Wednesday said that the BJP was the only party in India with a proven track record of speedy development and a clear vision for the future. The prime minister was speaking at a party meeting of around 6,000 in-charges of 'Shakti Kendras', each comprising two to three booth-level areas, at Marine Drive here.

NITI Aayog is absolutely wrong. NITI Aayog is not an independent organization, it is the cheerleader of PM Modi.

completely political Narendra Modi function". "...Rahul Gandhi lives in this 'la-la' world, in my opinion...He thinks everything he says is predicated on nobody understanding the truth and he can get away with these atrocious lies...The people of India are wise enough.

poverty and chronic inflammation could more than double the risk of death from heart disease and triple the mortality risk due to cancer over a 15-year period, new research in the US has found. Poverty has been documented to individually heighten the risk of mental illness, heart disease, hypertension, and stroke, in addition to higher mortality and lower life expectancy.

By Sofia Menchu

Duvvuri Subba Rao, Former RBI Governor, says “we have to grow fast because as much as we are a large economy, we are also a poor society. India has by per capita income, we are about 139 in the League of Countries. We are the poorest country in the BRICS. We are the poorest in G20. So we have to lift poverty. We have to grow fast. Compared with the rest of the world, it is good but that is not good enough. I believe that for India to grow faster, we want a stable geopolitical environment and a stable environment around the world because if you look at India's performance over the last 25 years, India has had stable high growth when the world was growing.” Everybody is applauding the kind of growth we are seeing. Several agencies including our own RBI Governor have upgraded the India growth outlook very recently in the last Monetary Policy Meet. But the overall global environment is not in very good shape. How challenging will it be for us as an economy to outperform a global gloomy backdrop? Duvvuri Subba Rao: Thank you for that question. We heard it from a number of people including the Prime Minister and the Finance Minister that India is the fastest growing large economy in the world. As you said, the RBI expects the economy to grow by 7 plus percent this year. That is all very good. But you also referred to the global situation. The point is that, yes, we must grow faster.

WMO) has officially confirmed that 2023 is the hottest year on record by a huge margin, smashing global temperature records. The yearly average global temperature approached 1.5 degrees Celsius above pre-industrial levels, which is significant because the Paris Agreement on climate change aims to limit the long-term temperature increase to no more than the same amount. According to the agreement, the long-term increase is calculated as an average over decades rather than an individual year like 2023.

International Labour Organisations has projected the global unemployment rate a tad higher at 5.2% in 2024 compared to 5.1% in 2023 and said that working poverty will persist while the income inequality will widen, suggesting a need for greater social justice for a sustainable recovery. In its World Employment and Social Outlook Trends: 2024 report, released on Wednesday, the ILO said labour markets have shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remains uneven as new vulnerabilities and multiple crises are eroding prospects for greater social justice. According to the report, both the unemployment rate and the jobs gap rate, which is the number of persons without employment who are interested in finding a job, have fallen below pre-pandemic levels with the unemployment rate at 5.1% last year compared to 5.3% in 2022. “However, beneath these numbers fragility is starting to emerge,” it said, projecting that both the labour market outlook and global unemployment will worsen. “In 2024 an extra two million workers are expected to be looking for jobs, raising the global unemployment rate from 5.1% in 2023 to 5.2%.” As per the report, disposable incomes have declined in the majority of G20 countries and, generally, the erosion of living standards resulting from inflation is, “unlikely to be compensated quickly”. Pointing towards the differences between higher and lower income countries, ILO said the jobs gap rate in 2023 was 8.2%t in high-income countries while it stood at 20.5% in the low-income group.

Thousands of faithful Argentines flock every year to the northern city of Mercedes to ask folk cowboy saint Gauchito Gil for protection and to thank him for past favors

World Bank warned on Tuesday that global growth in 2024 is set to slow for a third year in a row, prolonging poverty and debilitating debt levels in many developing countries. Hamstrung by the COVID-19 pandemic, then the war in Ukraine and ensuing spikes in inflation and interest rates around the world, the first half of the 2020s now looks like it will be the worst half-decade performance in 30 years, it added.

Nigeria’s president has suspended the country’s minister of humanitarian affairs and poverty alleviation over the use of a private bank account for ministry financial transactions in the government’s social welfare program

Leading New Mexico lawmakers are recommending a 5.9% increase in general fund spending for the coming fiscal year amid a windfall in oil-related income

The International Economic Association (IEA) conclave of 2023, a mecca for economists from all over the globe who meet once in three years, acknowledged last year as a difficult one, given how many mainstream assessments of a global recession and inflation went wrong. A need was emphasized for new intellectual ideas and methodological applications from beyond traditional economic thought, particularly in the context of scenarios in developing nations.

Long-held Republican opposition to broader health care coverage may be softening in Georgia and Mississippi

BUENOS AIRES (Reuters) — Argentina's cash-strapped government will raise $3.2 billion in hard currency in order to meet debt repayments via an issuance of 10-year bills to the central bank, according to a decree in the official gazette on Friday.

A court in Argentina has delivered a blow to labor rule changes announced by President Javier Milei as part of sweeping deregulation and austerity measures aimed at reviving the country’s struggling economy

The ongoing war in Ukraine and the fighting in Gaza following Hamas’s 7 October terrorist attack must not distract the world from our collective priorities: reducing our carbon dioxide emissions, aiming for carbon neutrality by 2050, preserving biodiversity, and fighting poverty and inequality. This is the doctrine France is implementing at an international level, through the Paris Pact for People and the Planet and the One Planet summits. The cornerstone of our strategy must be to speed up the ecological transition as well as the fight against poverty.