PremiumThe World Bank in its latest report on the poverty in the country said India saw a massive 12.3 percentage points decline in extreme poverty between 2011 and 2019
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If the country becomes a USD 30-trillion economy as projected by 2050, it can also be home to a nation wherein no one will go to bed on empty stomach, said industrialist Gautam Adani on Thursday.
"We are around 10,000 days away from year 2050. Over this period, I anticipate we'll add about USD 25 trillion to our economy. This translates to an addition of USD 2.5 billion to the GDP every day. I also anticipate that over this period, we'll have eradicated all forms of poverty," said Adani during a conclave.
He also expressed hope that though the numbers and optimism are stunning, he believes we as a nation are good at making this happen in just 10,000 days.
If the economy grows as planned, he said this could also mean that during these 10,000 days the stock markets will add about USD 40 trillion in market capitalization, which translates to an addition of USD4 billion every day until 2050.
“Uplifting the lives of 1.4 billion may feel like a marathon in the short run, but it's a sprint in the long run," concluded Adani.
The industrialist, whose group runs a slew of businesses from airports to ports, and power generation to distribution, has added USD 49 billion in additional wealth, higher than the world's two richest persons – Elon Musk and Jeff Bezos – in 2021 to total at USD 81 billion.
The World Bank in its latest report on the poverty in the country said India saw a massive 12.3 percentage points decline in extreme poverty between 2011 and 2019.
Poverty reduction was higher in rural areas compared to urban India. Rural poverty declined from 26.3% in 2011 to 11.6% in 2019, while in urban areas the decline was from 14.2% to 6.3% during the corresponding period, the report said.
The findings came close on the heels of a working paper published by the International Monetary Fund (IMF) saying India has almost eradicated extreme poverty and brought down consumption inequality to its lowest levels in 40 years through state-provided food handouts, as per a Hindustan Times report.