India lifted 271 mn people out of poverty in 10 yrs: UN

Agencies
July 12, 2019

United Nations, Jul 12: India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as "assets, cooking fuel, sanitation and nutrition," a report by the United Nations said.

The 2019 global Multidimensional Poverty Index (MPI) from the UN Development Programme (UNDP), the Oxford Poverty and Human Development Initiative (OPHI) was released Thursday.

The report said that in the 101 countries studied – 31 low income, 68 middle income and 2 high income - 1.3 billion people are "multidimensionally poor", which means that poverty is defined not simply by income, but by a number of indicators, including poor health, poor quality of work and the threat of violence.

The report identifies 10 countries, with a combined population of around 2 billion people, to illustrate the level of poverty reduction, and all of them have shown statistically significant progress towards achieving Sustainable Development Goal 1, namely ending poverty "in all its forms, everywhere".

The 10 countries are Bangladesh, Cambodia, Democratic Republic of Congo, Ethiopia, Haiti, India, Nigeria, Pakistan, Peru and Vietnam.

The report said that within these 10 countries, data shows that 270 million people moved out of multidimensional poverty from one survey to the next.

"This progress was largely driven by South Asia. In India, there were 271 million fewer people in poverty in 2016 than in 2006, while in Bangladesh the number dropped by 19 million between 2004 and 2014," it said.

The report noted that of the 10 selected countries for which changes over time were analysed, India and Cambodia reduced their MPI values the fastest—and they did not leave the poorest groups behind.

India's MPI value reduced from 0.283 in 2005-06 to 0.123 in 2015-16.

Noting the examples of pro-poor reduction, where the poorest regions improved the fastest, the report said that Jharkhand in India reduced the incidence of multidimensional poverty from 74.9 per cent in 2005-06 to 46.5 per cent in 2015-16.

Mondol Kiri and Rattanak Kiri in Cambodia reduced it from 71.0 per cent to 55.9 per cent between 2010 and 2014.

Ethiopia, India and Peru significantly reduced deprivations in all 10 indicators, namely nutrition, sanitation, child mortality, drinking water, years of schooling, electricity, school attendance, housing, cooking fuel and assets.

In 2005-2006, the population in India living in multidimensional poverty stood at about 640 million people (55.1 per cent) and this reduced to 369 million people (27.9 per cent) living in poverty in 2015-16. India saw significant reductions in number of people who are multidimensionally poor and deprived in each of the 10 indicators over this time period.

India reduced deprivation in nutrition from 44.3 per cent in 2005-06 to 21.2 per cent in 2015-16, child mortality dropped from 4.5 per cent to 2.2 per cent, people deprived of cooking fuel reduced from 52.9 per cent to 26.2 per cent, deprivation in sanitation from 50.4 per cent to 24.6 per cent, those deprived of drinking water reduced from 16.6 per cent to 6.2 per cent.

Further more people gained access to electricity as deprivation was reduced from 29.1 per cent to 8.6 per cent, housing from 44.9 per cent to 23.6 per cent and assets deprivation from 37.6 per cent to 9.5 per cent.

The trends in these 10 countries also shine a light on where poverty reduction has been uneven, despite the good progress overall, it said.

"In all 10 countries rural areas are poorer than urban areas. In Cambodia, Haiti, India and Peru poverty reduction in rural areas outpaced that in urban areas–demonstrating pro-poor development–and in Bangladesh and Democratic Republic of the Congo poverty fell at the same speed in rural and urban areas,” it added.

The report also showed that children suffer poverty more intensely than adults and are more likely to be deprived in all 10 of the MPI indicators, lacking essentials such as clean water, sanitation, adequate nutrition or primary education.

Child poverty fell markedly faster than adult poverty in Bangladesh, Cambodia, Haiti, India and Peru. But children fell further behind in Ethiopia, and their progress—together with that of adults—stalled in Democratic Republic of the Congo and Pakistan.

Globally, of the 1.3 billion people who are multidimensionally poor, more than two-thirds of them—886 million— now live in middle-income countries. A further 440 million live in low-income countries.

Even more staggering, worldwide, one in three children is multidimensionally poor, compared to one in six adults. That means that nearly half of the people living in multidimensional poverty—663 million— are children, with the youngest children bearing the greatest burden. The vast majority of these children, around 85 per cent, live in South Asia and Sub-Saharan Africa, split roughly equally between the two regions.

The report underscored that the traditional concept of poverty is outdated, demonstrating more clearly than ever that labelling countries - or even households - as rich and poor is an oversimplification.

"To fight poverty, one needs to know where poor people live. They are not evenly spread across a country, not even within a household," UNDP Administrator Achim Steiner said.

The report also highlighted a positive trend that those furthest behind are moving up the fastest.

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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News Network
January 14,2020

Chennai/New Delhi, Jan 14: India's annual electricity demand in 2019 grew at its slowest pace in six years with December marking a fifth straight month of decline, government data showed, amid a broader economic slowdown that led to a drop in sales of everything from cars to cookies and also to factories cutting jobs.

Electricity demand is seen as an important indicator of industrial output in the country and a sustained decline could mean a further slowdown in the economy.

India's power demand grew at 1.1% in 2019, data from the Central Electricity Authority showed, the slowest pace of growth since a 1% uptick seen in 2013. The power demand growth slowdown in 2013 was preceded by three strong years of consumption growth of 8% or more.

In December, the country's power demand fell 0.5% from the year-earlier period, representing the fifth straight month of decline, compared with a 4.3% fall in November.

But in India's western states of Maharashtra and Gujarat, two of India's most industrialised provinces, monthly demand increased.

In October, power demand had fallen 13.2% from a year earlier, its steepest monthly decline in more than 12 years, as a slowdown in Asia's third-largest economy deepened.

Industry accounts for more than two-fifths of India's annual electricity consumption, while homes account for nearly a fourth and agriculture more than a sixth.

The slower demand growth is a blow for many debt-laden power producers, who are facing financial stress and are owed over $11 billion by state-run distribution companies.

India's overall economic growth slowed to 4.5% in the July-September quarter, government data released in November showed, the weakest pace since 2013 as consumer demand and private investment fell.

The government has estimated growth in the current financial year that runs through to March will be the slowest since the 2008 global crisis.

"This reflects overall economic slowdown, because if you look at other high frequency data like diesel consumption, everywhere you are seeing contraction," Rupa Rege Nitsure, chief economist at L&T Financial Holdings.

But India's central bank will not have much scope to cut rates to stimulate the economy because inflation has been rising sharply and reached 7.35% in December compared with 1.97% in January last year.

Economists say India's growth will continue to hover around 4.5% levels in the Oct-Dec quarter.

"In the Oct-Dec quarter as well growth (GDP) will be around the same level as July-September. My estimate for the full year is around 4.7% growth," Nitsure said.

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Agencies
July 28,2020

New Delhi, Jul 28: Chief Minister Ashok Gehlot had "unconstitutionally" merged six MLAs of the Bahujan Samaj Party (BSP) with the Congress in Rajasthan, he did the same in his earlier tenure too, for which we wanted to teach him and his party a lesson, said BSP chief Mayawati on Tuesday.

The BSP chief added that her party could have gone to courts earlier but decided to wait for the "right opportunity".

"In Rajasthan, after elections results, BSP gave unconditional support of all its 6 MLAs to Congress. Unfortunately, Chief Minister Ashok Gehlot, out of his malicious intent and to damage BSP, merged them with Congress unconstitutionally. He did the same even during his earlier tenure," Mayawati said here.

"BSP could have gone to the court earlier too but we were looking for the time to teach Congress party and CM Ashok Gehlot a lesson. Now we have decided to go to the Court. We will not let this matter alone. We will go even to the Supreme Court," she added.

The BSP chief further reiterated that the party has asked the six MLAs to vote against the Congress government led by Ashok Gehlot if a trust vote takes place on the floor of the Rajasthan Assembly, failing which "their party membership will be cancelled".
She further said that the merger of BSP MLAs with Congress was immoral and went against the mandate given by voters in Rajasthan.
"Ulta-chor kotwal ko daante (the thief accuses the cop of wrongs) they (Congress) themselves indulge in wrongdoing and then accuse us," she further said.
On Sunday, the BSP issued a whip to six MLAs, asking them to vote against Congress in case of a no-confidence motion or any proceedings to be held during the Rajasthan Assembly session.

National General Secretary of BSP Satish Chandra Mishra, while speaking to news agecncy said, "Notices have been issued to the six MLAs separately as well as collectively, pointing out that since BSP is a National Party, there cannot be any merger at the state level at the instance of six MLAs unless there is a merger of BSP at the national level. If they violate it, they will be disqualified.

Notices have been issued to all six MLAs- - R Gudha, Lakhan Singh, Deep Chand, JS Awana, Sandeep Kumar and Wajib Ali, who are elected to the Rajasthan Assembly."
However, later on Monday, Lakhan Singh, hit back saying he and the five others had already joined the Congress.

"We six MLAs have already joined the Congress. BSP remembered us after nine months. They have issued this whip, after a message from the BJP. On this basis they are going to court", said Karauli MLA Lakhan Singh.

Rajasthan government is in turmoil after simmering differences between Deputy Chief Minister Sachin Pilot and Gehlot came out in the open. Pilot was removed as the Deputy Chief Minister and the state unit chief of Congress.

The Congress has accused the BJP of indulging in horse-trading to bring down the Gehlot government. The BJP has rejected the allegations.

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