WELFARE SCHEMES AND THE INDIAN ECONOMY

India has made a lot of strides in economic growth over the past decade. However, the country is yet to reach a stage where its citizens are self-sufficient and for it to be called a developed nation. Even though its economy is expanding, poverty continues to remain a significant problem. According to a World Bank document released in April 2022, 10.2% of Indians were living in severe poverty (defined as making less than US$1.9 per day) in the year before the COVID-19 pandemic. During the fiscal year 2021, the poverty rate had gone up to as high as 12% even though it dropped to around 10% by the end of the next financial year. Although this number still seems high, the incredible 11.9% drop in this rate from the year 2011 cannot be ignored. This massive drop has been attributed to the various welfare schemes that have been initiated and implemented by the government to particularly provide those from lower socio-economic backgrounds with access to resources. This paper will through light on this aspect of the society.