New Delhi, June 10 -- India's poverty continues to decline steadily, with the poverty rate likely to fall to 4.6 per cent in 2024, estimates a recent report by the State Bank of India (SBI).

This marks a significant improvement from the 5.3 per cent poverty rate estimated by the World Bank for India in 2023.

The report said "Poverty estimates by SBI and World Bank are remarkably similar.... SBI estimates it at 4.6 per cent in 2024...down from 5.3 per cent in 2023 as estimated by World Bank".

The report highlighted that the country has made remarkable progress in reducing poverty, and its latest estimate shows a further fall from the World Bank's assessment.

The decline in poverty is largely supported by new methods of data collection ...