Team Blitz India
NEW DELHI: The Reserve Bank of India (RBI) noted that external agencies like International Monetary Fund and the World Bank have shown considerable appreciation for the dramatic reduction in poverty.
Noting that the Indian economy is on the cusp of a long awaited takeoff, the RBI in its monthly bulletin released on May 21 said that extreme deprivation is set to become extinct.
The World Bank has estimated that only 12.9 per cent of the Indian population lived on $2.15 per day at the height of the Covid-19 pandemic in 2021. $2.15 is the the global benchmark for extreme poverty.
The IMF in its April 2024 World Economic Outlook noted that it expects robust growth in 2024 and 2025, The RBI bulletin said, “Reflecting continuing strength in domestic demand and a rising working-age population. Internationally there is a growing optimism that India is on the cusp of a long-awaited economic takeoff,”
