India halved its poverty rate since 1990s: World Bank

India has halved its poverty rate since the 1990s and achieved a seven plus growth rate over the last 15 years, the World Bank said.

India is both critical to the success of global development efforts, including eliminating extreme poverty, and as an influential leader for global goods such as addressing climate change, the bank said.

The country has achieved annual growth exceeding seven per cent over the last 15 years, halved its poverty rate since the 1990s, and enjoyed strong improvements in most human development outcomes, it said.

Noting that India's growth is expected to continue and elimination of extreme poverty in the decade is within reach, it said at the same time, the country's development trajectory nonetheless faces considerable challenges. For this, the World Bank said, India will need to achieve greater resource efficiency as it sustains growth, given its resource endowments and large population.

Land will need to be used more productively in urban areas by the spatial transformation of cities achieving agglomeration economies and in rural areas by increased agricultural productivity, it said.

(with news agency inputs)