Multi-billion dollar World bank plan for poverty alleviation in 7 Indian states.
WB would lend b/w $3 to 5 billion every year to India under a new 4-year plan that focuses on poverty alleviation in 7 low-income Indian states: Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, and Uttar Pradesh.
60% of the World Bank finance will go to government-backed development projects and 50% of it i.e. 30%, will go to the India’s poorer states. In the previous strategy, about 18% of lending went to these states. India would be the first nation chosen by the World bank to improve in on areas where developing financing would have the greatest impact on India’s poorest. The plan’s objective is to reduce poverty in India to 5.5% of the population by 2030 from an estimated 29.8% in 2010.