India has undermined a popular myth about development | Extreme poverty in the country has dropped to negligible levels
Posted by PorryHatterWand
India has undermined a popular myth about development | Extreme poverty in the country has dropped to negligible levels
Posted by PorryHatterWand
4 Comments
Free trade 😩💦
What’s the myth? That you need to go through manufacturing before doing services?
> The most recent survey, which covers the year to July, shows that only 1% of India’s households fell below the international poverty line in 2024, according to an analysis of the data by Surjit Bhalla, a former executive director of the IMF, and Karan Bhasin of the State University of New York, Albany. Heir to the famous “dollar a day” poverty line, the international poverty line now stands at $2.15 a day at purchasing-power parity. India has, therefore, all but eliminated the most extreme forms of poverty.
It’s interesting how Modi doesn’t get the Millei treatment here despite the massive poverty reductions over the last 10+ years. Especially since BJP is pretty much the only party in India promoting economic liberalism today, while Congress has shifted towards Peronist-style populism.