India’s poverty rate declined to 4.5-5% in 2022-23: SBI Research

India's poverty rate declined to 4.5-5% in 2022-23, with rural poverty declining to 7.2% and urban poverty down to 4.6%. This decline is attributed to government programmes targeted at those at the bottom of the pyramid. Spending inequality is shrinking due to enhanced infrastructure and increased discretionary spending. The new weights in HCES data are likely to lower inflation numbers.
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