India became the fourth most equal country in the world, America and China also defeated, know its meaning

India has become the fourth most similar country in the world. This information has been given in the data issued by the World Bank. Data shows a significant reduction in income inequality and excessive poverty in India between 2011-12 and 2022-23. The great thing is that India has left behind many countries like America, UK and China in this matter of equality. India has been kept at 25.5 in the Guinea Index released by the World Bank to measure income inequality. This figure was 28.8 in 2011-12.

Which countries are India behind?

In the Guinea Index of the World Bank, India has been described as the fourth most similar country in the world. India is slightly followed by Slovak Republic (24.1), Slovenia (24.3) and Belarus (24.4). At the same time, India is far ahead of countries like the United States, United Kingdom and China in terms of equality. There has been a sharp decline in excessive poverty in India.

Excessive poverty came from 16 to 2 percent

According to the report, the main reason for improving equality in India is a sharp decline in excessive poverty. This category is seen as those living at less than $ 2.15 per day. According to the World Bank, excessive poverty in India was 16.2 percent in 2011-12, which has now come down to only 2.3 percent in 2022-23. During this time 171 million people have come out of poverty. Rural poverty in India has come down from 18.4 percent to 2.8 percent and urban poverty has come down from 10.7 percent to 1.1 percent. The margin of rural-urban poverty declined from 7.7 percent to 1.7 percent.

What is a guinea index?

Indeed, the Guinea Index measures the equality of distribution of income or money in a country. The score of 0 in this index shows complete equality and a score of 100 reflects maximum inequality. In the report, India is placed in the ‘moderately low inequality’ category with 25.5 points. This category includes several high -income European countries. China score 35.7 in this index and America’s 41.8. This shows a lot of inequality in these countries.

Important decrease in poverty in these states

In India, 65 percent of the people living in extreme poverty were five most populous states in Uttar Pradesh, Maharashtra, Bihar, West Bengal and Madhya Pradesh. These states have contributed two-thirds to the lack of total poverty. However, there are still 54 percent people of extremely poor population here. Apart from income, poverty related to healthcare, education and standard of living has also decreased. Government schemes like Pradhan Mantri Jan Dhan Yojana, Direct Benefit Transfer and Stand-up India have contributed significantly to this progress.

Formal Job Limited Difference intact

According to the World Bank report, despite positive benefits, many challenges remain intact.,

• Only 23 percent of non-agricultural paid jobs are formal (formal).
• Most agricultural employment is informal.
• Self-employment is increasing especially among rural women. The women’s employment rate is 31 percent. There are 234 million more male paid jobs than women.
• Young unemployment remains a total of 13.3 percent and 29 percent for higher education people.

How many people came out of the poverty line?

The World Bank report states that India’s economic change continues. India is turning into a low-middle-income economy. Poverty has come down from 61.8 percent to 28.1 percent. In the last decade, 378 million more people have come out of poverty. India’s poverty rate of 2022-23 will be adjusted at 5.3 percent and 23.9 percent respectively. Since 2021-22, employment growth has overtaken the working age population. Urban unemployment has come down to 6.6 percent in the first quarter of FY 2025. This is the lowest since 2017-18. There has been an increase in rural women’s employment in agriculture, while the migration of men has started again after the Korona epidemic from rural areas to urban areas.

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