India's strides in poverty alleviation have reached a significant milestone, with the poverty rate falling below 5%, according to B.V.R. Subrahmanyam, the CEO of NITI Aayog. The latest household consumer expenditure survey conducted by the National Sample Survey Office (NSSO) indicates a notable improvement in living standards across both rural and urban areas of the country.
Subrahmanyam highlighted the findings of the survey, which categorizes the population into 20 segments. It reveals that the average per capita monthly expenditure has more than doubled from 2011-12 to 2022-23. This substantial increase reflects the growing prosperity among households, as evidenced by the data released by the NSSO.
The CEO emphasized the success of government-led poverty alleviation measures, attributing the positive trend in poverty reduction to these efforts. Notably, the survey showcases a significant rise in consumption levels, with expenditure in both rural and urban regions witnessing a 2.5-fold increase. This surge underscores the overall progress happening across the country, bridging the gap between urban and rural areas.
According to Subrahmanyam, the survey indicates a narrowing disparity between rural and urban consumption patterns, with rural areas experiencing faster growth rates. This trend aligns with the broader goal of achieving balanced development across all regions of India.
A key aspect highlighted by the survey is the impact of government welfare schemes on household consumption. Beneficiaries of these schemes, particularly those receiving free food grains and essential goods like bicycles and school uniforms, have seen a notable improvement in their living standards.
The NSSO survey data also reveals a significant shift in consumption patterns, with households now allocating a smaller proportion of their expenditure towards cereals and food. This shift indicates a rise in prosperity, as households allocate more resources towards diverse expenditures, including dairy products, fruits, and vegetables.
Moreover, Subrahmanyam pointed out the implications of these findings on inflation, suggesting that the reduced contribution of food to CPI inflation indicates a more accurate representation of inflationary pressures in the economy.
In conclusion, the NSSO survey underscores India's remarkable progress in poverty reduction and economic development. The data reflects a tangible improvement in living standards, driven by government initiatives and a broader trend of rising prosperity across the nation.
Follow us
