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New Delhi: According to a World Bank study, nearly 80% of those pushed into poverty by the COVID-19 pandemic in 2020 were from India. Indians accounted for 56 million of the 70 million people in the world who fell into poverty that year due to economic losses from the pandemic.
Globally, extreme poverty levels rose to 9.3% in 2020 compared to 8.4% in 2019, halting progress in poverty alleviation programs around the world for the first time in decades. In absolute numbers, another 700 million people were pushed into extreme poverty by the end of 2020, raising the total number of the world’s poor above her 700 million.
“The COVID-19 pandemic has caused the biggest setback in global poverty in decades,” says World Bank Shared Poverty and Prosperity 2022: Changing course A report has been declared.
Given that India contributes significantly to global poverty levels due to the sheer size of its population, the World Bank notes that the lack of official data on poverty from India is a major factor in producing global estimates. Since 2011, the Indian government has stopped releasing data on poverty.
World Bank research.
He pointed out that due to the lack of official data, the World Bank relied on the findings of the Center for Economic Monitoring of India (CMIE) Consumer Pyramid Household Survey (CPHS).
Findings by the private data firm have yet to be finalized, but the World Bank said it used it to estimate poverty levels in India, the region and the world due to lack of official data. . His CPHS data for 2020 notes that in 2020 he pushed 5.6 billion Indians into poverty.
The World Bank chose to use India’s CHPS data over its own paper published in April 2022, and 2.3 billion Indians fell further into poverty in 2020, according to the report. Estimated. This is because India’s poverty was “significantly higher” than its own estimates.
As revealed in a World Bank report, the confusion over data coming from India has been criticized by economists and statisticians nationally and internationally for the Narendra Modi government’s reluctance to the Indian government. It again brought to the fore the collective frustrations and concerns that had been expressed. Publish official data and adversely affect developmental interventions.
The latest official data on poverty in India dates back to 2011-12 by the National Sampling Survey of India.
However, a World Bank report notes that the number of poor people in India increased between 2.3 million and 5.6 million in 2020, depending on the estimation method.Data listed in Box O.2 [relating to CMIE data] It suggests an increase of 56 million, and this latter number is used for global estimates,” the report emphasizes.
“India’s large size means that the lack of recent survey data on the country has had a significant impact on global poverty measures, as revealed in Poverty and Shared Prosperity 2020,” the report said. says.
However, the World Bank observed a downward trend in overall poverty in India between 2011 and 2020, when the pandemic hit, largely due to a decline in poverty in rural areas. Referring to the period 2011-2020, he noted that “overall poverty has declined, but less than previous estimates used to measure global poverty.”
global scenario
Until the 2020 pandemic, poverty levels were trending downward around the world. However, according to a World Bank report, the pandemic has resulted in a “historically large increase in global poverty levels.”
As a result, an additional 70 million people were pushed into extreme poverty by the end of 2020, bringing the global extreme poverty level from 8.4% in 2019 to 9.4% by the end of 2020.
World Bank research
“2020 marked a historic turning point. An era of global income convergence has given way to global inequality. The incomes of the poorest countries fell significantly more than those of the richest countries, resulting in income losses for the world’s poorest people twice those of the world’s richest people, and for global inequality. has increased for the first time in decades,” the report said.
Moreover, rising food and energy prices, exacerbated by climate change and the ongoing conflict between Russia and Ukraine, “hinder a quick recovery,” even after the world returns to normal in the aftermath of the COVID-19 pandemic. There are,’ he pointed out.
Regarding grim global projections, the report said, “Without historic economic growth over the decade, the world is unlikely to reach its goal of ending extreme poverty by 2030.” increase.
road to a better world
The report lays out three key priorities for fiscal policy over the next few years as the world attempts to “correct course.” The first is to redirect spending away from subsidies and toward helping the poor and vulnerable. The second is increased public investment to support long-term development. Third, mobilize public revenues without hurting the poor.
However, bearing in mind the situation on the ground, the report adds a caveat: Despite promises of fiscal reform, simulations suggest heroic efforts towards more effective fiscal policy choices are needed to recover pandemic-related losses in the next four to five years Successful fiscal reform will require the support of sufficiently strong national coalitions interested in pursuing policy objectives of this kind, as well as enhanced global cooperation. ”
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