Can’t measure poverty solely on financial status: FM

Union Finance Minister Nirmala Sitharaman interacts with The Institute of Chartered Accountants of India, Southern India Regional Council, Bangalore Branch, on Monday. | Photo Credit: special arrangement

Poverty cannot be solely measured by financial status because it encompasses other factors such as employment, healthcare, transportation, and access to essential amenities like clean water, housing, and education, said Union Finance Minister Nirmala Sitharaman here on Monday.

Speaking at an interactive session organised by the South India Regional Council of The Institute of Chartered Accountants of India here in Bengaluru, she stated over 25 crore people in the country have holistically transcended the poverty line.

Ms. Sitharaman also said substantial savings exceeding two lakh crore rupees have been made in zero-balance Jandhan accounts, providing a clearer insight into the economic status of the impoverished.

In her interaction with chartered accountants and auditors, she said initiatives like the Pradhan Mantri Swanidhi Yojana, which empowers small traders to access direct loans from banks, enabling them to conduct businesses without intermediaries, thus benefiting millions across the nation.