Poverty declined faster in rural areas during FY24 as the poverty ratio dipped below 5 per cent for the first time to 4.86 per cent from 7.2 per cent in FY23, according to a study by SBI Research released on Friday.
In comparison, the poverty ratio in urban areas fell to 4.09 per cent from 4.6 per cent during the same period.
The report notes this decline in the rural poverty ratio is on account of higher consumption growth in the 0-5 per cent fractile, leading to a shift in the poverty line from the 5-10 per cent fractile in FY23 to 0-5 per cent fractile in FY24. "Enhanced physical infrastructure is scripting a new story in rural mobility [as it is] one of the reasons for the increasingly shrinking horizontal income gap between rural and urban and the vertical income gap within rural income classes," notes the study, based on the latest Household Consumption Survey (HCES) results.
This story is from the January 04, 2025 edition of Business Standard.
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This story is from the January 04, 2025 edition of Business Standard.
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