♦ According to the State Bank of India (SBI) research report, India's poverty rate is projected to decline to 4.6% in 2024.

♦ This marks a significant improvement from the 5.3 percent poverty rate estimated by the World Bank for India in 2023. 

♦ The report highlighted that the country has made remarkable progress in reducing poverty, and its latest estimate shows a further fall from the World Bank's assessment.

♦ As a result, recorded consumption in national surveys have gone up, which in turn has lowered the estimated poverty levels.

♦ For instance, in 2011-12, using Modified Mixed Recall Period (MMRP) reduced India's poverty rate from 22.9 percent to 16.22 percent under the older USD 2.15 per day poverty line.

♦ In the 2022-23 survey, poverty stood at just 5.25 percent under the new hiked USD 3.00 per day poverty line, and even lower at 2.35 percent under the old USD 2.15 line.