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Description
NITI Aayog CEO B V R Subrahmanyam explains major findings from the 2018 NSSO consumer spending survey, which show a dramatic fall in India's poverty rate to less than 5%. He underlines the expanding wealth seen in both rural and urban areas, as seen by a significant increase in per capita monthly household spending.
Survey Results And Poverty Status
The latest NSSO survey statistics show a poverty rate of less than 5%.
In 2022-23, per capita monthly household expenditure more than doubled when compared with 2011-12.
The analysis divides people into 20 groups, with the lowest 0-5% group representing poverty.
This group's average per capita monthly expenditure remains low, indicating that poverty persists.
The CEO recognizes that economists must conduct additional data analysis to obtain precise figures.
Progress In Consumption
Consumption has increased by almost 2.5 times in both rural and urban areas.
This represents consistent progress in both the rural and urban regions.
Rural consumption growth outpaces urban growth, resulting in a shrinking gap between the two.
Trends In Urban-Rural Disparities
The difference between urban and rural consumption has narrowed from 84% in 2011-12 to 71% in 2022-23.
The continued trend shows that urban and rural earnings and consumption levels may eventually converge.
Optimistic projections predict future income equality between cities and rural areas.
Shifts In Consumption Patterns
According to the NSSO survey, grain and food consumption is declining as a proportion of the average MPCE.
Rural grain and food consumption has declined dramatically in recent years.
Urban areas also saw a decrease in cereal and food intake, with a noticeable move toward processed foods.
Increased income leads to a wider range of purchasing behaviors, including increased purchases of milk, fruits, vegetables, and processed foods.
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