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India has witnessed a significant transformation in its economic landscape from 2011-12 to 2022-23, as evidenced by a comprehensive study released by the National Sample Survey Office (NSSO). The study highlights a more than twofold increase in household spending, with Indian consumers allocating more funds towards clothing, televisions, and entertainment. Additionally, the poverty level in the country has drastically reduced to 5%, according to statements from the NITI Aayog CEO, B V R Subrahmanyam. This reduction in poverty and increase in consumer spending are indicative of a growing prosperity among both rural and urban populations. The findings were further underscored by Finance Minister Nirmala Sitharaman's Interim Budget 2024, which presented positive macroeconomic numbers alongside a strong political message aimed at the 2024 elections, as noted by Gautam Chikermane.
Latest NSSO consumer survey indicates poverty down to 5%: #NITIAayog CEO https://t.co/I43MnSUA5f
Poverty level significantly down to 5%, says Niti Aayog CEO https://t.co/YPKGSJrES8
NITI Aayog CEO B V R Subrahmanyam says, the latest consumer expenditure survey indicates that poverty has come down to 5 per cent in the country and people are becoming prosperous both in rural and urban areas. @NITIAayog CEO Subrahmanyam says, the long-awaited survey has…
.@gchikermane: Finance Minister #NirmalaSitharaman’s Interim #Budget2024 presents good macroeconomic numbers—and a strong #political message of winning #Elections2024. https://t.co/8hWJYyrFMc
Poverty level significantly down to 5%, says Niti CEO https://t.co/CWtqExZ1Xj
The National Sample Survey Office (NSSO) has released a comprehensive study showing a significant increase in monthly household consumer spending in India from 2011-12 to 2022-23. https://t.co/Wxu7IvmRCf
India's household spending has more than doubled in the past 12 years, with consumers splurging more on things like clothes, TVs and entertainment https://t.co/mckWcSYlKq