What’s in the news?

• According to the State Bank of India’s research on the consumption expenditure survey, India’s rural poverty has declined significantly to 4.86 per cent in the financial year 2023-24, compared to 25.7 per cent in the financial year 2011-12. 
• Urban poverty has fallen to 4.09 per cent from 13.7 per cent over the last twelve years.
• The SBI’s research highlighted that the sharp decline in the rural poverty ratio is due to higher consumption growth in the lowest 0-5 per cent decile, along with significant government support. 
• The report emphasized that such support is crucial, as changes in food prices have a significant impact not only on food expenditures but also on overall spending patterns.
• At an aggregate level, the report projected that poverty rates in India could now be in the range of 4 per cent-4.5 per cent, with minimal extreme poverty remaining.
• The research also highlighted that the gap between rural and urban monthly per capita consumption expenditure (MPCE) has now narrowed to 69.7 per cent, a sharp decline from 88.2 per cent in 2009-10. 
• This improvement is largely attributed to government initiatives such as Direct Benefit Transfers (DBT), the development of rural infrastructure, augmenting farmers’ incomes, and significantly improving rural livelihoods.

https://www.newsonair.gov.in/imd-forecasts-heavy-rain-snowfall-dense-fog-across-north-india/