World Bank: Over 5.6 crore Indians fell into poverty in the year 2020

World Bank: The World Bank on Wednesday, citing information from a household survey carried out by think tank Centre for Monitoring Indian Economy, reported that 5.6 crore Indians overall fell into poverty in the pandemic year of 2020.

The Consumer Pyramids Household Survey results from the Centre for Monitoring Indian Economy are still being finalised, but they have already been used to estimate world poverty levels by the World Bank in their report, "Poverty and Shared Prosperity 2022."

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Since India hasn't released official statistics since 2011, the World Bank claimed it has been necessary to fill in the gaps in its estimates of global and regional poverty.

The financial organisation did point out that its projections of poverty in India were far greater than those in a study presented at the International Monetary Fund, which asserted that 2.3 crore Indians would experience poverty by the year 2020.

The figures are subject to minor adjustment

Surjit Bhalla, Karan Bhasin, and Arvind Virmani, three economists, are the authors of the IMF study, which is based on national accounts. Bhalla, who quit his position on the prime minister's Economic Advisory Council in 2018, is now the IMF's executive director for India.

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While the final figures may be higher or lower, the World Bank research noted that all signs pointed to a "historically substantial" worldwide shock to poverty reduction caused by the coronavirus epidemic.

According to a World Bank report, 10% of Indians were living below the $2.15 (Rs. 175.50) revised poverty level in 2019–20. 12% of people in rural areas were considered to be poor, compared to 6% of Indians living in metropolitan areas.

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