Since India hasn't released official figures since 2011, the World Bank noted that data from the CMIE poll was used to fill...
Digital Desk: A total of 5.6 crore Indians slipped into poverty in the pandemic year of 2020, the World Bank said in a report on Wednesday, citing data from a household survey conducted by the think tank Centre for Monitoring Indian Economy.
The findings of the Consumer Pyramids Household Survey conducted by the Centre for Monitoring the Indian Economy are yet to be finalized, but they have been utilized for the World Bank's global poverty estimates in its report titled "Poverty and Shared Prosperity 2022."
Since India hasn't released official figures since 2011, the World Bank noted that data from the CMIE poll was used to fill in the gaps in estimates of global and regional poverty.
The financial institution did point out that its projections of poverty in India were far greater than those in a study presented at the International Monetary Fund, which claimed that 2.3 crore Indians fell into poverty in 2020.
The IMF paper, based on national accounts, has been authored by economists Surjit Bhalla, Karan Bhasin and Arvind Virmani. Bhalla, who resigned as a member of the Economic Advisory Council to the prime minister in 2018, is currently the executive director for India at the IMF.
Meanwhile, the World Bank analysis stated that, while final figures could be higher or lower, all evidence suggested that the worldwide shock to poverty reduction caused by the coronavirus epidemic was "historically substantial."
The pandemic increased the global extreme poverty rate to an estimated 9.3% in 2020, up from 8.4% in 2019, the report said.
The Covid-19 pandemic worsened the situation of the poor population since it was difficult for the government to assist individuals in need, according to the World Bank.
However, the bank claimed that throughout the epidemic, the government's initiatives touched 69% of urban households and 85% of rural families.
"Public works were used by households in need, but often at later stages of the crisis, when social distancing restrictions had eased and aversion behaviour had abated," the report noted.
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