World underestimates India's achievements in reducing extreme poverty: Brookings Institution

US-based think-tank Brookings Institution has said the world may have underestimated India's achievements in reducing extreme poverty at a fast pace.

The number of people living in extreme poverty at USD 1.90 per day is likely to come down to 50 million by the year end as compared to 268 million in 2011, Brookings said in its report 'Rethinking global poverty reduction in 2019'.

Highlighting India's success at poverty reduction, it said, "The soon-to-be-largest country in the world has been reducing extreme poverty fast and the world may have underestimated India's achievements."

India's last household survey of 2017-18, to be released in 2019, will capture household consumption more comprehensively and will include an adjustment for owner-occupied housing and measure other items in accordance with common international practices, it said.

"World Data Lab anticipates the effects of these methodological adjustments will result in a level of extreme poverty in India today of 50 million people, which will come down to 40 million (a poverty rate of below 3 percent) by end 2019," the report said.

The good news, it said, is that 2019 will start with the lowest prevalence of extreme poverty ever recorded in human history at less than 8 per cent.

On the other hand, poverty reduction rates are expected to keep slowing down considerably over the next decade, it added.

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"Consequently, only 20 million people are likely to escape extreme poverty in 2019. At this rate, it will take five years for the global number to fall below 500 million - making it nearly impossible to end poverty by 2030," it said.

The report further said that more than half the world is now middle-class or richer, fuelled by a rising Asian middle-class.

The report was authored by Homi Kharas, Kristofer Hamel and Martin Hofer.