× #1 Microeconomics vs. Macroeconomics #2 Definition and Scope of Economics #3 Positive and Normative Economics #4 Scarcity, Choice, and Opportunity Cost #5 Law of Demand and Determinants #6 Market Equilibrium and Price Mechanism #7 Elasticity of Demand and Supply #8 Utility Analysis: Total and Marginal Utility #9 Indifference Curve Analysis #10 Consumer Equilibrium #11 Revealed Preference Theory #12 Factors of Production #13 Production Function: Short-run and Long-run #14 Law of Variable Proportions #15 Cost Concepts: Fixed, Variable, Total, Average, and Marginal Costs #16 Perfect Competition: Characteristics and Equilibrium #17 Monopoly: Price and Output Determination #18 Monopolistic Competition: Product Differentiation and Equilibrium #19 Oligopoly: Kinked Demand Curve, Collusion, and Cartels #20 Theories of Rent: Ricardian and Modern #21 Wage Determination: Marginal Productivity Theory #22 Interest Theories: Classical and Keynesian #23 Profit Theories: Risk and Uncertainty Bearing #24 Concepts: GDP, GNP, NNP, NDP #25 Methods of Measuring National Income: Production, Income, Expenditure #26 Real vs. Nominal GDP #27 Limitations of National Income Accounting #28 Distinction between Growth and Development #29 Indicators of Economic Development: HDI, PQLI #30 Theories of Economic Growth: Harrod-Domar, Solow #31 Sustainable Development and Green GDP #32 Functions and Types of Money #33 Theories of Money: Quantity Theory, Keynesian Approach #34 Banking System: Structure and Functions #35 Role and Functions of Central Bank (RBI) #36 Objectives and Instruments: CRR, SLR, Repo Rate #37 Transmission Mechanism of Monetary Policy #38 Inflation Targeting Framework #39 Effectiveness and Limitations of Monetary Policy #40 Components: Government Revenue and Expenditure #41 Budgetary Process in India #42 Fiscal Deficit, Revenue Deficit, Primary Deficit #43 FRBM Act and Fiscal Consolidation #44 Types and Causes of Inflation #45 Effects of Inflation on Economy #46 Measures to Control Inflation: Monetary and Fiscal #47 Deflation: Causes, Consequences, and Remedies #48 Types: Frictional, Structural, Cyclical, Seasonal #49 Measurement of Unemployment #50 Causes and Consequences #51 Government Policies to Reduce Unemployment #52 Measurement of Poverty: Poverty Line, MPI #53 Causes of Poverty in India #54 Income Inequality: Lorenz Curve and Gini Coefficient #55 Poverty Alleviation Programs in India #56 Principles of Taxation: Direct and Indirect Taxes #57 Public Expenditure: Types and Effects #58 Public Debt: Internal and External #59 Deficit Financing and its Implications #60 Theories: Absolute and Comparative Advantage #61 Balance of Payments: Components and Disequilibrium #62 Exchange Rate Systems: Fixed, Flexible, Managed Float #63 International Monetary Fund (IMF): Objectives and Functions #64 World Bank Group: Structure and Assistance Programs #65 World Trade Organization (WTO): Agreements and Disputes #66 United Nations Conference on Trade and Development (UNCTAD) #67 Characteristics of Indian Economy #68 Demographic Trends and Challenges #69 Sectoral Composition: Agriculture, Industry, Services #70 Planning in India: Five-Year Plans and NITI Aayog #71 Land Reforms and Green Revolution #72 Agricultural Marketing and Pricing Policies #73 Issues of Subsidies and MSP #74 Food Security and PDS System #75 Industrial Policies: 1956, 1991 #76 Role of Public Sector Enterprises #77 MSMEs: Significance and Challenges #78 Make in India and Start-up India Initiatives #79 more longer Growth and Contribution to GDP #80 IT and ITES Industry #81 Tourism and Hospitality Sector #82 Challenges and Opportunities #83 Transport Infrastructure: Roads, Railways, Ports, Airports #84 Energy Sector: Conventional and Renewable Sources #85 Money Market: Instruments and Institutions #86 Public-Private Partnerships (PPP) in Infrastructure #87 Urban Infrastructure and Smart Cities #88 Capital Market: Primary and Secondary Markets #89 SEBI and Regulation of Financial Markets #90 Recent Developments: Crypto-currencies and Digital Payments #91 Nationalization of Banks #92 Liberalization and Entry of Private Banks #93 Non-Performing Assets (NPAs) and Insolvency and Bankruptcy Code (IBC) #94 Financial Inclusion: Jan Dhan Yojana, Payment Banks #95 Life and Non-Life Insurance: Growth and Regulation #96 IRDAI: Role and Functions #97 Pension Reforms and NPS #98 Challenges in Insurance Penetration #99 Trends in India’s Foreign Trade #100 Trade Agreements and Regional Cooperation #101 Foreign Exchange Reserves and Management #102 Current Account Deficit and Capital Account Convertibility #103 Sectoral Caps and Routes #104 FDI Policy Framework in India #105 Regulations Governing FPI #106 Recent Trends and Challenges #107 Difference between FDI and FPI #108 Impact of FDI on Indian Economy #109 Impact on Stock Markets and Economy #110 Volatility and Hot Money Concerns #111 Determination of Exchange Rates #112 Role of RBI in Forex Market #113 Rupee Depreciation/Appreciation: Causes and Impact #114 Sources of Public Revenue: Taxes, Fees, Fines #115 Types of Public Expenditure: Capital and Revenue #116 Components of the Budget: Revenue and Capital Accounts #117 Types of Budget: Balanced, Surplus, Deficit #118 Fiscal Deficit, Revenue Deficit, Primary Deficit #119 Implications of Deficit Financing on Economy #120 Performance and Challenges #121 Current Account and Capital Account #122 Causes and Measures of BoP Disequilibrium #123 Fixed vs. Flexible Exchange Rates #124 Purchasing Power Parity (PPP) Theory #125 Absolute and Comparative Advantage #126 Heckscher-Ohlin Theory #127 Free Trade vs. Protectionism #128 Tariffs, Quotas, and Subsidies #129 Concepts and Indicators #130 Environmental Kuznets Curve #131 Renewable and Non-Renewable Resources #132 Tragedy of the Commons #133 Economic Impact of Climate Change #134 Carbon Trading and Carbon Tax #135 Kyoto Protocol, Paris Agreement #136 National Action Plan on Climate Change (NAPCC) #137 Factors Affecting Productivity #138 Green Revolution and Its Impact #139 Abolition of Intermediaries

ECONOMICS

Introduction

Poverty is a multidimensional phenomenon that goes beyond mere income deprivation to encompass lack of access to basic human needs such as education, health, nutrition, sanitation, and living standards. Accurately measuring poverty is critical for designing effective policies to alleviate deprivation and promote inclusive development. Traditional monetary measures based on income or consumption—such as the poverty line—have been the cornerstone of poverty measurement. However, recognizing the complex and multifaceted nature of poverty, newer frameworks like the Multidimensional Poverty Index (MPI) have emerged to capture a broader range of deprivation indicators. This dual approach provides policymakers and researchers with deeper insights into poverty’s nature, enabling targeted interventions.


Poverty Line: Concept and Measurement

The poverty line is a threshold that defines the minimum level of income or consumption required for an individual or household to meet basic needs. Individuals or households with income or consumption below this threshold are classified as poor.

1. Types of Poverty Lines

  • Absolute Poverty Line: This line sets a fixed threshold of income or consumption based on the cost of a basket of essential goods and services—such as food, shelter, clothing, and fuel—needed for subsistence. It reflects the minimum resources required to avoid deprivation and is usually expressed in local currency adjusted for inflation.

  • Relative Poverty Line: Unlike absolute poverty, this line is defined relative to the income or consumption distribution within a society. For example, individuals earning below 50% or 60% of the median income may be considered poor. This approach highlights inequality and social exclusion but is less common in developing countries.

2. Methods to Estimate the Poverty Line

In India, the poverty line has traditionally been calculated based on caloric intake norms, recommended by the Tendulkar Committee (2009) and earlier by the Planning Commission. The line was estimated by calculating the expenditure required to consume the minimum calories necessary for physical well-being—generally 2,100 kcal per day in rural areas and 1,900 kcal in urban areas. This consumption-based approach translates calorie requirements into monetary terms, factoring in the prices of food items.

Once the poverty line is established, surveys like the National Sample Survey (NSS) collect data on household consumption expenditure to identify the proportion of the population living below the poverty line, known as the headcount ratio.

3. Limitations of Poverty Line Measurement

While widely used, the poverty line approach has several limitations:

  • It focuses primarily on income or consumption, ignoring other deprivation dimensions such as education, health, and living standards.

  • Caloric norms may become outdated due to changes in lifestyle, health requirements, and economic structures.

  • It does not account for inequality among the poor or depth of poverty (how far below the line the poor are).

  • Regional price variations and cost-of-living differences make a single national poverty line less representative.


Multidimensional Poverty Index (MPI): A Holistic Approach

Recognizing the inadequacies of income-based measures, the Multidimensional Poverty Index (MPI) was developed by the Oxford Poverty and Human Development Initiative (OPHI) and adopted by the United Nations Development Programme (UNDP) as part of the Human Development Reports. The MPI assesses poverty by capturing multiple deprivations experienced simultaneously by individuals or households.

1. Components of MPI

The MPI comprises three key dimensions, each reflecting essential aspects of human development:

  • Health: Indicators include nutrition and child mortality.

  • Education: Indicators measure years of schooling and school attendance.

  • Standard of Living: This includes indicators such as access to electricity, sanitation, safe drinking water, flooring, cooking fuel, and asset ownership.

Each dimension is given equal weight, and deprivation in specific indicators is identified through defined cut-offs. A household or individual is classified as multidimensionally poor if the weighted sum of deprivations exceeds a certain threshold (commonly one-third).

2. Advantages of MPI

  • Comprehensive: Captures overlapping deprivations that affect quality of life beyond income.

  • Policy-Relevant: Helps identify specific areas where interventions are needed, such as health infrastructure or sanitation.

  • Disaggregated Analysis: Allows poverty assessment at household and individual levels, capturing intra-household disparities, including gender-based deprivation.

  • Dynamic Tracking: Useful for monitoring progress in Sustainable Development Goals (SDGs) by integrating education, health, and living standards.

3. Application in India

India adopted the MPI framework to supplement traditional poverty measurements. The NITI Aayog released India’s MPI data based on the National Family Health Survey (NFHS-4), revealing that about 27.9% of the population was multidimensionally poor in 2015-16. The MPI highlighted the concentration of poverty in rural areas, with acute deprivation in sanitation and nutrition, guiding targeted government schemes such as Swachh Bharat Abhiyan and National Nutrition Mission.


Comparative Insights: Poverty Line vs MPI

While the poverty line remains a fundamental tool for assessing income poverty and determining eligibility for welfare schemes, the MPI provides a richer, multidimensional perspective necessary for comprehensive poverty alleviation. The poverty line identifies who is poor in monetary terms, whereas the MPI elucidates the specific facets of deprivation—informing holistic policy responses.

For example, a household might earn above the poverty line but lack access to clean water or education, issues the MPI captures but the poverty line misses. Conversely, some poor households identified by the poverty line may be better off in other dimensions, emphasizing the need for combined use of both measures.


Conclusion

Measuring poverty effectively is pivotal to designing inclusive development policies that address not just income deprivation but also the broader socio-economic realities faced by the poor. The poverty line, with its focus on income and consumption, offers a straightforward benchmark to identify monetary poverty and allocate resources. However, its limitations necessitate complementing it with multidimensional frameworks like the MPI, which capture the complex and interconnected deprivations in health, education, and living standards.

For IAS and MBA aspirants, understanding both methods is crucial for analyzing poverty trends, evaluating government welfare schemes, and contributing to policy formulation that strives toward holistic poverty eradication and sustainable human development. In an era where the Sustainable Development Goals emphasize “no one left behind,” adopting multidimensional perspectives on poverty measurement is indispensable for real progress.