HDFC Bank says signs of rural economic revival visible. But NSO data suggests that rural poverty increased by 4pp in recent years while national poverty rate rose for first time in decades.
Every Coin...: India’s largest lender by market cap - HDFC Bank – sees tentative signs of revival in rural areas at a time when the wider economy is fast-losing steam.
Its Executive Director Kaizad Bharucha recently said, “The recent loan outreach programs underway in rural areas have given us the sense that the consumption in rural and semi-urban areas is turning more positive.” BBG
...Has Two Sides: Meanwhile, a Mint analysis of the hushed-up report on consumption expenditure by the National Statistical Office (NSO) suggests that the poverty rate in India – which has continuously been declining since the 1980s – has worryingly risen for the first time in decades.
In rural India, where the bulk of the national population lives, between 2011-12 and 2017-18, the poverty rate rose 4pp to 30% even as it fell 5pp to 9% in urban areas. Overall, the national poverty rate rose 1pp to 23% in this period. This means 30mn Indians fell below the official poverty line in the last few years. Livemint