The World Bank has said India has made “remarkable progress” in reducing poverty, noting that the country recorded one of the fastest declines in poverty rates in the world.

According to the report, India’s extreme poverty fell to 2.6% in 2023 from 27.1% in 2011. The reduction was driven by government transfers and rising employment, the report said.

The findings highlight a major improvement in living standards over the period, according to the World Bank report.