India, Oct. 30 -- India has witnessed one of the fastest declines in poverty globally, lifting an estimated 496 million people out of poverty, while the country's extreme poverty rate fell sharply from 27.1 per cent to 2.6 per cent, according to the World Bank.

The global financial institution said poverty reduction in India is expected to continue, although at a slower pace.

It added that these indicative projections, based on microsimulations, would be updated as labour market and macroeconomic data are revised or new information becomes available.

On the non-monetary front, poverty also declined significantly. According to the Oxford Poverty and Human Development Initiative's (OPHI) Multidimensional Poverty Index (MPI), the poverty ...