India's poverty level drops below 5 per cent: NITI Aayog CEO

India's poverty level has dropped below five percent, signaling increased prosperity in both rural and urban areas, according to NITI Aayog CEO BVR Subrahmanyam. This positive trend is based on the recent consumer expenditure survey conducted by the National Sample Survey Office (NSSO), marking the first publication of such data in over a decade. The survey reveals that per capita monthly household expenditure has more than doubled in 2022-23 compared to 2011-12.

Subrahmanyam expressed confidence in the survey's findings, stating that the data indicates poverty in India is now below five percent. The survey categorized people into 20 groups, uncovering that the average per capita monthly expenditure in rural areas is Rs 3,773, while in urban areas, it is Rs 6,459.

The CEO highlighted that poverty mainly exists in the 0 to 5 percent income bracket. By inflating the poverty line with the Consumer Price Index (CPI) to the present rate, he explained that the average consumption of the 0-5 percent group remains consistent; emphasizing that poverty is concentrated in this specific income range.

Subrahmanyam also pointed out positive trends, noting that both rural and urban areas have increased their consumption by 2.5 times, indicating progress in both regions. Moreover, he highlighted the narrowing gap in consumption between rural and urban areas, signifying a move towards economic parity.

In terms of consumption patterns, there has been a decline in the consumption of cereals and food items, suggesting a shift towards a more prosperous lifestyle. The findings of the survey paint a picture of improving economic conditions and reduced poverty levels, offering optimism for the future.