Extreme poverty is finally in retreat in India, having reached 22% in 2012 – less than half the rate in 1991. But escaping abject destitution, as defined by the official poverty line, is not the same as achieving a decent standard of living.
MUMBAI – As India gears up for its general election next month, it has some cause to celebrate: extreme poverty is finally in retreat. In 2012 – two decades after the government launched a series of economic reforms aimed at opening up the economy – the official poverty rate had reached 22%, less than half the rate in 1994. But it is time for India to raise its aspirations. Escaping abject destitution, though an important milestone, is not the same as achieving a decent standard of living and sense of economic security. To that end, there is still much to be done.
MUMBAI – As India gears up for its general election next month, it has some cause to celebrate: extreme poverty is finally in retreat. In 2012 – two decades after the government launched a series of economic reforms aimed at opening up the economy – the official poverty rate had reached 22%, less than half the rate in 1994. But it is time for India to raise its aspirations. Escaping abject destitution, though an important milestone, is not the same as achieving a decent standard of living and sense of economic security. To that end, there is still much to be done.