The World Bank reviewed and proposed revisions in May 2014, to its poverty calculation methodology and purchasing power parity basis for measuring poverty worldwide, including India. According to this revised methodology, the world poverty in the us essay 872. 3 million people below the new poverty line, of which 179.
6 million people lived in India. In other words, India with 17. 2015, India’s poverty rate for period 2011-12 stood at 12. 2 per day income on purchasing power parity basis as the definition in use from 2005 to 2013. The different definitions and different underlying small sample surveys used to determine poverty in India, have resulted in widely different estimates of poverty from 1950s to 2010s. 25 per day on purchasing power parity.
From late 19th century through early 20th century, under British colonial rule, poverty in India intensified, peaking in the 1920s. Famines and diseases killed millions each time. After India gained its independence in 1947, mass deaths from famines were prevented. Rapid economic growth since 1991, has led to sharp reductions in extreme poverties in India.
However, those above poverty line live a fragile economic life. Deutsche Bank Research estimated that there are nearly 300 million people who are middle class. If former trends continue, India’s share of world GDP will significantly increase from 7. In 2015, around 170 million people, or 12. India’s population to be at 1. 28 billion with an average growth rate, from 2010-2015, at 1.