Latest news with #ModifiedMixedRecallPeriod
Mint
10-06-2025
- Business
- Mint
SBI projects fall in India's poverty rates to 4.6% for 2024 amid economic growth
India's poverty rates are expected to fall to 4.6 per cent for the year 2024 amid overall economic growth, reported the news agency ANI on Tuesday, 10 June 2025, citing a State Bank of India (SBI) research report. 'Poverty estimates by SBI and World Bank are remarkably similar.... SBI estimates it at 4.6 per cent in from 5.3 per cent in 2023 as estimated by World Bank' according to the report cited by the news agency. According to an earlier World Bank report, India's extreme poverty rate declined sharply to 5.3 per cent in 2022-23, over a decade when compared with 27.1 per cent levels in 2011-12. These estimates highlight that India has made progress in reducing its poverty levels, and the SBI estimates show an improvement on top of World Bank numbers. According to the agency report, the fall in poverty rates is due to India's new data collection method and updated definition of the metrics. The nation's Household Consumption Expenditure Survey (HCES) now considers the Modified Mixed Recall Period (MMRP) method, as compared to the earlier Uniform Reference Period (URP) method. The report mentions that the new Modified Mixed Recall Period (MMRP) method uses shorter recall periods for items which are purchased more frequently, providing a more accurate picture of the household consumption in the nation. The survey results showed that the consumption in national surveys has increased, which has lowered the estimated poverty levels of the nation, reported the news agency. Using the MMRP method, India's poverty rate dropped from 22.9 per cent to 16.22 per cent under the old $2.15 per day poverty line. India's falling poverty rate is due to the success of its economic reforms, targeted welfare schemes, and improved data systems, reported the news agency. World Bank data showed how India's extreme poverty rate dropped in the last 10 years as free and subsidised food transfers supported the nation's poverty reduction and also contributed to narrowing the rural-urban poverty gap. The international organisation also revised its poverty line threshold for India to $3 per day, compared to the earlier $2.15 per day levels, reported the news agency PTI on 7 June 2025. The extreme poverty rate dropped to 2.3 per cent between 2011-12 and 2022-23 from the earlier 16.2 per cent. According to the agency report citing the World Bank, India's poverty rate at the lower-middle-income country (LMIC) line also declined by 33.7 per cent.
NDTV
10-06-2025
- Business
- NDTV
India's Poverty Rate Likely To Decline Further To 4.6% In 2024: Report
New Delhi: India's poverty continues to decline steadily, with the poverty rate likely to fall to 4.6 per cent in 2024, estimates a recent report by the State Bank of India (SBI). This marks a significant improvement from the 5.3 per cent poverty rate estimated by the World Bank for India in 2023. The report said "Poverty estimates by SBI and World Bank are remarkably similar.... SBI estimates it at 4.6 per cent in from 5.3 per cent in 2023 as estimated by World Bank". The report highlighted that the country has made remarkable progress in reducing poverty, and its latest estimate shows a further fall from the World Bank's assessment. The decline in poverty is largely supported by new methods of data collection and updated definitions. India's recent Household Consumption Expenditure Survey (HCES) adopted the Modified Mixed Recall Period (MMRP) method, replacing the older Uniform Reference Period (URP). As per report, this new method uses shorter recall periods for items that are purchased more frequently, providing a more accurate picture of household consumption. As a result, recorded consumption in national surveys have gone up, which in turn has lowered the estimated poverty levels. For instance, in 2011-12, using MMRP reduced India's poverty rate from 22.9 per cent to 16.22 per cent under the older USD 2.15 per day poverty line. In the 2022-23 survey, poverty stood at just 5.25 per cent under the new hiked USD 3.00 per day poverty line, and even lower at 2.35 per cent under the old USD 2.15 line. The World Bank recently revised the global poverty line from USD 2.15 per day (2017 PPP) to USD 3.00 per day (2021 PPP), which initially increased the global count of people in extreme poverty by 226 million. However, India emerged as a statistical outlier in a positive way. Thanks to its revised consumption data and improved survey methods, India's updated figures actually helped reduce the global poverty count by 125 million. The SBI report noted that recent estimates for India's poverty ratio are comparable with World Bank's numbers, after making adjustments for differences in methodology and definitions. The continued fall in India's poverty rate highlights the success of its economic reforms, targeted welfare schemes, and improved data systems.
India Gazette
10-06-2025
- Business
- India Gazette
India's poverty rate likely to decline further to 4.6% in 2024 from 5.3% in 2023: SBI Report
New Delhi [India], June 10 (ANI): India's poverty continues to decline steadily, with the poverty rate likely to fall to 4.6 per cent in 2024, estimates a recent report by the State Bank of India (SBI). This marks a significant improvement from the 5.3 per cent poverty rate estimated by the World Bank for India in 2023. The report said 'Poverty estimates by SBI and World Bank are remarkably similar.... SBI estimates it at 4.6 per cent in from 5.3 per cent in 2023 as estimated by World Bank'. The report highlighted that the country has made remarkable progress in reducing poverty, and its latest estimate shows a further fall from the World Bank's assessment. The decline in poverty is largely supported by new methods of data collection and updated definitions. India's recent Household Consumption Expenditure Survey (HCES) adopted the Modified Mixed Recall Period (MMRP) method, replacing the older Uniform Reference Period (URP). As per report, this new method uses shorter recall periods for items that are purchased more frequently, providing a more accurate picture of household consumption. As a result, recorded consumption in national surveys have gone up, which in turn has lowered the estimated poverty levels. For instance, in 2011-12, using MMRP reduced India's poverty rate from 22.9 per cent to 16.22 per cent under the older USD 2.15 per day poverty line. In the 2022-23 survey, poverty stood at just 5.25 per cent under the new hiked USD 3.00 per day poverty line, and even lower at 2.35 per cent under the old USD 2.15 line. The World Bank recently revised the global poverty line from USD 2.15 per day (2017 PPP) to USD 3.00 per day (2021 PPP), which initially increased the global count of people in extreme poverty by 226 million. However, India emerged as a statistical outlier in a positive way. Thanks to its revised consumption data and improved survey methods, India's updated figures actually helped reduce the global poverty count by 125 million. The SBI report noted that recent estimates for India's poverty ratio are comparable with World Bank's numbers, after making adjustments for differences in methodology and definitions. The continued fall in India's poverty rate highlights the success of its economic reforms, targeted welfare schemes, and improved data systems. (ANI)
Time of India
10-06-2025
- Business
- Time of India
Big progress on poverty reduction! India's poverty rate to come down further in 2024; SBI projects 4.6%
India has achieved substantial success in diminishing poverty rates. (AI image) India's poverty rate is expected to come down further to 4.6 per cent in 2024, according to a State Bank of India (SBI) report. A new World Bank report projects that India's extreme poverty has come down drastically in the last ten years, from 27.12% to 5.25% in 2023. SBI's report indicates a further reduction. The SBI report said "Poverty estimates by SBI and World Bank are remarkably similar.... SBI estimates it at 4.6 per cent in from 5.3 per cent in 2023 as estimated by World Bank". India has achieved substantial success in diminishing poverty rates, with current projections showing further improvement beyond the World Bank's evaluation. The improved poverty measurements are attributed to contemporary data collection techniques and revised definitions. The recent Household Consumption Expenditure Survey (HCES) implemented the Modified Mixed Recall Period (MMRP) methodology, superseding the previous Uniform Reference Period (URP). According to the findings, this updated methodology employs briefer recall durations for frequently purchased items, resulting in more precise household consumption data. The adoption of modified survey methods has resulted in higher recorded consumption figures in national assessments, leading to decreased poverty estimates. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo For example, implementing MMRP in 2011-12 reduced India's poverty rate from 22.9 per cent to 16.22 per cent using the previous USD 2.15 daily poverty threshold. The latest survey from 2022-23 indicates poverty at 5.25 per cent under the revised USD 3.00 daily threshold, whilst showing an even lower rate of 2.35 per cent under the former USD 2.15 benchmark. Also Read | 270 million pulled out of poverty! How Modi government achieved a remarkable dip in extreme poverty & what's the road ahead? Explained The World Bank's recent adjustment of the global poverty threshold from USD 2.15 per day (2017 PPP) to USD 3.00 per day (2021 PPP) initially resulted in an additional 226 million people being classified as extremely poor globally. Nevertheless, India was a statistical outlier to this trend. The country's updated consumption data and enhanced survey techniques contributed to reducing the global poverty count by 125 million. According to the SBI report, current poverty ratio calculations for India align with World Bank figures when accounting for variations in methodological approaches and parameter definitions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
10-06-2025
- Business
- Time of India
India's poverty levels continue to fall as SBI projects 4.6% rate for 2024
India's poverty continues to decline steadily, with the poverty rate likely to fall to 4.6 per cent in 2024, estimates a recent report by the State Bank of India (SBI). This marks a significant improvement from the 5.3 per cent poverty rate estimated by the World Bank for India in 2023. The report said "Poverty estimates by SBI and World Bank are remarkably similar.... SBI estimates it at 4.6 per cent in from 5.3 per cent in 2023 as estimated by World Bank". The report highlighted that the country has made remarkable progress in reducing poverty, and its latest estimate shows a further fall from the World Bank's assessment. The decline in poverty is largely supported by new methods of data collection and updated definitions. India's recent Household Consumption Expenditure Survey (HCES) adopted the Modified Mixed Recall Period (MMRP) method, replacing the older Uniform Reference Period (URP). Live Events As per report, this new method uses shorter recall periods for items that are purchased more frequently, providing a more accurate picture of household consumption. As a result, recorded consumption in national surveys have gone up, which in turn has lowered the estimated poverty levels. For instance, in 2011-12, using MMRP reduced India's poverty rate from 22.9 per cent to 16.22 per cent under the older USD 2.15 per day poverty line. In the 2022-23 survey, poverty stood at just 5.25 per cent under the new hiked USD 3.00 per day poverty line, and even lower at 2.35 per cent under the old USD 2.15 line. The World Bank recently revised the global poverty line from USD 2.15 per day (2017 PPP) to USD 3.00 per day (2021 PPP), which initially increased the global count of people in extreme poverty by 226 million. However, India emerged as a statistical outlier in a positive way. Thanks to its revised consumption data and improved survey methods, India's updated figures actually helped reduce the global poverty count by 125 million. The SBI report noted that recent estimates for India's poverty ratio are comparable with World Bank's numbers, after making adjustments for differences in methodology and definitions. The continued fall in India's poverty rate highlights the success of its economic reforms, targeted welfare schemes, and improved data systems.
