X: @the_news_21
India’s economic landscape is witnessing a significant transformation, marked by a notable decline in poverty levels, according to recent remarks by NITI Aayog CEO BVR Subrahmanyam. Addressing media reports on Sunday (February 26), Subrahmanyam underscored the country’s burgeoning prosperity, both in rural and urban areas, citing findings from the latest consumer expenditure survey conducted by the National Sample Survey Office (NSSO).
The CEO highlighted the substantial improvement in the country’s economic indicators, particularly emphasizing the reduction of poverty levels to below five percent. Expressing confidence in the survey’s findings, Subrahmanyam pointed to the remarkable increase in per capita monthly household expenditure, which more than doubled in the period from 2011-12 to 2022-23, as indicated by the report – a publication issued after a hiatus of over a decade.
Detailing the methodology employed in the survey, Subrahmanyam outlined how individuals were categorized into 20 different groups, revealing key insights into consumption patterns. The data unveiled an average per capita monthly expenditure of Rs 3,773 in rural areas and Rs 6,459 in urban areas.
Of particular significance was Subrahmanyam’s observation regarding the concentration of poverty within the 0 to 5 percent income bracket. By inflating the poverty line with the Consumer Price Index (CPI) to reflect current rates, he underscored that poverty primarily afflicts this fractional segment of the population.
Moreover, Subrahmanyam highlighted the narrowing gap in consumption patterns between urban and rural areas, signaling a positive trend towards economic parity. He noted a substantial increase in consumption rates across both regions, indicating progress and prosperity. Notably, there has been a decline in the consumption of cereals and basic food items, suggesting a shift towards a more affluent lifestyle among individuals.
As India marches forward on its path to economic development, the latest survey findings serve as a testament to the nation’s resilience and progress, offering renewed hope for a brighter and more prosperous future for all its citizens.
