That's not actually true. The poor in India has been thrusted for years by politicians and corruption, which has made the country stagnate and fall back rapidly. India is no China. Light-years away from that and simply does not have the infrastructure to match what you and other Indians keep telling people. A little dose of reality is suitable for all parties. India has fallen well bellow it's target recently and has continued veer off into an anticlimax to what was projected by your officials a decade ago.
To quote an article on the perils of the Indian economy and how your government has fed its poor populations wild fantasies for years, here is one:
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India is in a silent, unreported crisis, a crisis of payments. There is no money to honour upcoming commitments. Later this week, for instance, Non-Banking Finance Companies (NBFCs) - a financing mechanism unique to India - have about Rs600 billion (approx $8.3 billion) of bonds due for redemption. They have no money; their back was broken by the demonetisation of high-denomination currency back on November 8, 2016. They are what the medium, small and micro enterprises (MSME) sector relies on for financing, particularly in areas like housing and transport. With public sector banks saddled with Rs10 trillion of bad loans (or non-performing assets, NPAs), there is little money available for launching or expanding business.
So Indian GDP growth is stuck at around seven per cent. This might be a lot in other countries - indeed, India's quarterly GDP numbers have beaten other large economies lately - but for India it is not enough for providing employment and eradicating poverty. A million Indians join the workforce every month. This requires double-digit growth. The last time India achieved double-digit growth was during the Manmohan Singh years - according to the figures revised, ironically, by Prime Minister Narendra Modi's government (to make his own economic management look good)."
Reference:
https://www.khaleejtimes.com/editorials-columns/what-is-modi-/government-hiding-about-indias-economy
So you think calling on others to corroborate fake news is helping you or your country in any capacity. It has been known for years how India has been falling way short of expectations for years. The poor in the country are extremely poor.
To quote:
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A low poverty line results in diminished economic growth and flawed policies like demonetisation.
The development agenda today is largely about drawing an arbitrary line for poverty and focusing on a narrow goal of pulling individuals just above this line. Multilateral development organisations like the UN and the World Bank play an important role in setting the development agenda for poor and middle-income countries like India, but have not done enough to push for a realistic global poverty line.
The World Bank
defines poverty as earning less than $1.90/day, after adjusting for purchasing power parity. The UN recently released its Multidimensional Poverty Index, which considers poverty to not just be a deprivation in income, but also in other indicators of well-being.
The international poverty line, however, remains the most intuitive and widespread tool used to measure poverty.
Also read: UNDP data on poverty shows gains are in line with Modi’s slogan, not a product of it
But many economists have found that there is
no discontinuity (or sharp non-linearity) around the poverty line in any objective/subjective indicator of well-being. In other words, there exists no line of poverty.
If development agencies insist on having a line for use as proxies for poverty measurement like the
head count ratio (HCR), then it should be at a much higher level to enable us to assert with 100 per cent confidence that
people above this line are NOT poor. Not only is the current poverty line too low, leading to far too many people being excluded from the development agenda, but this low line is also nudging governments and international development agencies to focus exclusively on programmatic and targeted approaches to poverty reduction.
There are
approximately one billion people (call them ‘extremely poor’) below the $1.90 line and 1 billion (call them ‘prosperous’) above the $15 line (set by OECD/rich countries). That leaves 5 billion people who are poor by a reasonable global standard of poverty, but not poor according to the $1.90/day definition. This is a dangerously low-bar definition of poverty – no one in the history of mankind has celebrated crossing the $1.90 threshold (
thank you Lant Pritchett for that great metaphor).
A focus on reducing $1.90/day poverty excludes the legitimate concerns and needs of 5 billion people from the development agenda. In Indonesia, for example, the headcount $1.90/day poverty was only
10.6 per cent in 2016 – which means, 9 in 10 Indonesians weren’t included in the international “end extreme poverty” agenda even when many of them experienced unacceptable deprivation in human well-being.
Also read: Poverty or inequality- What is more important for India and Indian economists
Similarly, according to the $1.90/day definition, only
4.7 per cent of Indians are
extremely poor, but a democratic government cannot base its development agenda by excluding 95 per cent of the country’s population. Hence, an Indian government has very little incentive to form an agenda specifically for the poor. This becomes a relevant point with 2019 general elections just around the corner in India. Political parties cannot win an election with agendas that exclude most citizens.
The $1.90 line is surely not an adequate measure of global poverty –
analysts have suggested that $7.40/day is the minimum necessary to achieve decent nutrition and life expectancy. Therefore, agencies like the World Bank should have a higher global poverty line ranging between a lower bound of $7.40 and an upper bound of $15 (poverty line set by rich countries). That would enable us to say
for sure who is poor and who is not. A broader agenda is necessary to focus on raising 6 billion people into prosperity as opposed to an exclusionary goal that makes gains only for 1 in 7 people on the planet.
In the Indian example, when the poverty line is broadened, obviously a larger proportion of the population gets included in it – something like
95 per cent of the Indian population. And the only way to reduce poverty for 95 per cent of the population is through market-led processes – i.e., economic growth. So, in a sense, the low bar poverty line constraints development thinkers and practitioners to implement redistributive models of development, which are more likely to be zero-sum games. Broadening the poverty line would allow and force us to look at a positive sum model of economic growth where everyone benefits. After all,
most of the reduction of poverty in the world has indeed come from sustained episodes of economic growth, and increased labour mobility.
Also read: RBI data isn’t enough to argue if demonetisation was a success or failure
According to a study by Pritchett, et al. (2016), the growth accelerations in India in 1993 and 2002 led to a total gain of $3.7 trillion – a gain that wouldn’t have existed had there been no acceleration in economic growth. This phenomenal achievement was possible because of the shift towards more market-oriented policies at the general level, which led to a period of sustained economic growth. A corollary of the understanding that economic growth is the best way to reduce poverty would be that any policy that holds back or diminishes growth without any long-term benefits is criminal and should not be undertaken. An apt example of such a policy in the Indian context is demonetisation, which economists suggest led to a
decrease in India’s growth rate with no significant benefits on its stated objectives.
Policymakers and citizens need to understand and appreciate the supreme importance of economic growth. Having a realistically higher poverty line will be an important step towards that goal.
Yash Mehta is working in the field of development research and is a Fellow at Citizens for Public Leadership (CPL). Aditya Jahagirdar is a development and public policy professional.
"
If you think calling on your forum buddies to back up your wild, nut-job conspiracies is going to help your country in any way, you've got another thing coming, buddy. Stick to realistic goals and real aspirations. You're overestimating India's capabilities. If this is the mentality of your countrymen, is it any wonder why India's growth is decreasing? I'm pretty befuddled why you think spreading such false claims is going to help you.
