Poverty is a significant issue in India, despite having one of the fastest-growing economies in the world, clocked at a growth rate of 7.6% in 2015, and a sizable consumer economy. The World Bank reviewed and proposed revisions in May 2014, to its poverty calculation methodology and purchasing power parity basis for measuring poverty worldwide, including India.India with 17.5% of total world's population, had 20.6% share of world's poorest in 2011.
As of 2014, 58% of the total population were living on less than $3.10 per day.According to the Modified Mixed Reference Period (MMRP) concept proposed by World Bank in 2015, India's poverty rate for period 2011-12 stood at 12.4% of the total population, or about 172 million people; taking the revised poverty line as $1.90.
In 2012, the Indian government stated 22% of its population is below its official poverty limit.The World Bank, in 2011 based on 2005's PPPs International Comparison Program,estimated 23.6% of Indian population, or about 276 million people, lived below $1.25 per day on purchasing power parity.According to United Nation's Millennium Development Goals (MDG) programme 270 millions or 21.9% people out of 1.2 billion of Indians lived below poverty line of $1.25 in 2011-2012.
As per the methodology of the Suresh Tendulkar Committee report, that the population below the poverty line in India in 2009-2010 was 354 million (29.6% of the population) and that in 2011-2012 was 269 million (21.9% of the population).The Rangarajan Committee said in 2014 that the population below the poverty line in 2009-2010 was 454 million (38.2% of the population) and that in 2011-2012 was 363 million (29.5% of the population).
