New Delhi, June 7 -- In a remarkable shift over the last decade, India's extreme poverty rate has declined dramatically-from 27.1% in 2011-12 to 5.3% in 2022-23, according to latest World Bank data.

The fall translates to 269 million people moving out of extreme poverty in the span of about 11 years.

The findings are based on the revised global poverty line, now set at USD 3 per day (2021 PPP), up from USD 2.15, to reflect India's inflation trends between 2017 and 2021. Based on this new benchmark, the poverty rate for 2022-23 stands at 5.3%.

Further, as of 2024, 54.7 million people in India were estimated to be living on less than USD 3 a day, which puts the poverty rate at 5.44%.

The poverty rate at the lower-middle-income country (...