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| By Samudranil Mukherjee |
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Wednesday, February 10, 2010 (11:19:56) |
| Tags : India, Global Financial Downturn, World Economy, United Nations Department of Economic and Social Affairs |
34 million more people became poor in India in 2009 |
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| New Delhi: It would be wrong to assume that India was not affected by the global financial downturn that changed the dynamics of world economy in the 2008-09 fiscal. If reports from the United Nations Department of Economic and Social Affairs are to be believed then India was the worst hit by the financial meltdown that wreaked havoc in the year gone by.
As per the information provided by the UNDESA, the number of people who may be classified as poor rose by 33.6 million in 2009. However this would not have been the case had India been able to maintain its economic growth rates in the fiscals 2004 to 2007.
Statistically speaking from 2004-05 till 2006-07 the GDP of India grew at a rate of 8.8 percent but it came down to 6.7 percent in 2008-09. Even though this reduction was not comparable to what happened in the West the Indians, especially ones living near or under the poverty line, were hit hard. The percentage of poor people in India soared by 2.8 percent. |
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