The reports came from the Centre for Monitoring Indian Economy, a private data company, that performed the Consumer Pyramids Household Survey (CPHS), since the Indian government hasn't issued official data on poverty since 2011.
Digital Desk: The COVID-19 pandemic disrupted the livelihood of people around the world and almost halted many industries. The World Bank recently stated that 71 million people have been affected by the 2020 famine and have been thrown into extreme poverty. 79 percent of them are reportedly from India.
As per the report, "Poverty and Shared Prosperity 2022," the pandemic was a significant setback for global poverty, resulting in the rise of extreme dearth from 8.4 percent in 2019 to 9.3 percent in 2020.
It has been estimated that over 700 million people worldwide will be living in extreme poverty by the end of 2022. transitioning from 71 million at the start of the year. Reports say India was responsible for 56 million of the 71 million increase in the number of people living in poverty.
According to the World Bank, the main reason behind the steep rise in poverty is the population of the populous nations, however, the most populous country, Chile, did not contribute much to the rising concern in 2020. In the same year, India faced a mild economic shock.
The reports came from the Centre for Monitoring Indian Economy, a private data company, that performed the Consumer Pyramids Household Survey (CPHS), since the Indian government hasn't issued official data on poverty since 2011.
The report also says, "Given the size and significance of the country for global and regional poverty estimates, the PHS data help fill an essential gap."
According to reports, the conflict in Ukraine, China's slowing economy, and rising food and energy prices, will create new barriers to poverty reduction in 2022.
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