World Poverty Clock: Key findings

Source-This post on World Poverty Clock: Key findings is based on the article “Less than 3% of India’s population now living under extreme poverty: World Poverty Clock” published in “The Hindu Businessline” on 2nd March 2024.

Why in the News?

According to recent data from the World Poverty Clock, India has made significant progress in reducing extreme poverty. Less than 3% of India’s population now lives below the poverty line.

This accomplishment is in line with the United Nations’ Sustainable Development Goal (SDG) 1.1 of eradicating extreme poverty by 2030.

What are the key findings of the World Poverty Clock?

1. The clock uses a daily income limit of $2.15 to present its findings.

2. Accordingly, the number of people in India living in extreme poverty decreased to about 3.44 crore in 2024 from 4.69 crore in 2022, making up 2.4% of the total population.

Note– The $2.15 per day poverty line, also called the extreme poverty line, represents national poverty lines in numerous poorest countries. It measures progress toward the World Bank’s goal of reducing extreme poverty to under 3% by 2030.

Niti Aayog recent paper on poverty

1. A recent paper by NITI Aayog, titled ‘Multidimensional Poverty in India since 2005-06,’ states that multidimensional poverty dropped significantly from 29.17% in 2013-14 to 11.28% in 2022-23. This led to 24.82 crore individuals escaping multidimensional poverty over nine years.

2. The paper studied how much multidimensional poverty existed in India between 2005-06 and 2022-23.

What is World Poverty Clock?

1. About– The World Poverty Clock offers real-time poverty forecasts until 2030 for almost every country globally.

2. Funding– Supported by the International Fund for Agricultural Development (IFAD) and the Federal Ministry for Economic Cooperation and Development of Germany.

3. Working mechanism:
a. The Clock illustrates the global count of individuals living in extreme poverty. It categorizes them by age, gender, and whether they reside in rural or urban areas.
b. Every second, some individuals rise out of poverty while others slip into it, and the Clock registers all these changes.

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