In 2020, COVID-19 pushed more than 56 million Indians into poverty, according to a World Bank report.

The COVID-19 pandemic hit the world, interrupting trade, upsetting many people’s lives, and almost stopping industry.

 

The most recent assessment from the World Bank suggests that the pandemic in 2020 may have contributed to the extreme poverty of 71 million people worldwide. And out of these, about 79% came from India.

 

The report ‘Poverty and Shared Prosperity 2022,’ states that the epidemic was a significant setback for global poverty. As a result, the rate of extreme poverty rose globally, rising from 8.4% in 2019 to 9.3% in 2020.

 

Over 700 million people worldwide will be living in extreme poverty by the end of 2020, down from 71 million at the start of the year.

 

The World Bank claims that the most populous nations were the main cause of the rise in global poverty.

 

56 million of the 71 million additional individuals living in poverty can be attributed to India.

 

It did, however, highlight the fact that despite being the country with the largest population, China did not significantly contribute to the increase in global poverty in 2020.In 2020, the nation underwent a ‘mild economic shock.’

 

The Consumer Pyramids Household Survey (CPHS), conducted by the commercial data firm Centre for Monitoring Indian Economy, provided the information for the report.

 

 

The CPHS data were used to evaluate poverty as the Indian government hasn’t released official data since 2011. Given the size and importance of the nation for estimates of regional and global poverty, the report also states that ‘the CPHS data assist fill a crucial gap.’

 

The report notes that the conflict in Ukraine, China’s weakening economy, and rising food and energy prices will all contribute to the emergence of new barriers to decreasing poverty in 2022.