Rural poverty has significantly decreased, according to SBI's economic research department

Current Context: The State Bank of India's Economic Research Department (ERD) reported that rural poverty in India has significantly decreased.

• Here are the key points:
• Decline in Rural Poverty: Rural poverty dropped to 4.86% in 2023-24, compared to 25.7% in 2011-12. This indicates a significant reduction in the percentage of people living below the poverty line in rural areas.
• Factors Contributing to the Decline:
• Higher Consumption Growth: The lowest income groups in rural areas experienced higher growth in consumption, which contributed to the reduction in poverty.
• Government Support Programs: Various government initiatives and support programs aimed at uplifting the rural population have played a crucial role in reducing poverty levels.
• Urban Poverty: The report also highlighted that urban poverty decreased to 4.09%, showing an overall improvement in living standards across both rural and urban areas.

Question:

1 According to the State Bank of India's Economic Research Department (ERD) report, what was the rural poverty rate in 2023-24?

• A) 4.86%
• B) 10.5%
• C) 25.7%
• D) 15.3%

Answer: A) The ERD report highlights that rural poverty in India significantly dropped to 4.86% in 2023-24 from 25.7% in 2011-12.