Regarding a report by Pew Research Center on impact of COVID on poverty, consider the following statements:1. Indiaandrsquo;s middle class may have shrunk by a third due to 2020andrsquo;s pandemic-driven recession.2. The number of poor people in India (with incomes of $2 or less a day) is estimated to have increased by 7.5 crore because of the COVID-19 recession.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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Regarding a report by Pew Research Center on impact of COVID on poverty, consider the following statements:

1. India’s middle class may have shrunk by a third due to 2020’s pandemic-driven recession.

2. The number of poor people in India (with incomes of $2 or less a day) is estimated to have increased by 7.5 crore because of the COVID-19 recession.

Which of the statements given above is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'C'. Can you explain this answer?

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Daily Current Affairs MCQ - March 20, 2021

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Regarding a report by Pew Research Center on impact of COVID on povert...

India’s middle class may have shrunk by a third due to 2020’s pandemic-driven recession, while the number of poor people — earning less than ₹150 per day — more than doubled, according to an analysis by the Pew Research Center.

In comparison, Chinese incomes remained relatively unshaken, with just a 2% drop in the middle class population, it found.
The report uses World Bank projections of economic growth to estimate the impact of COVID-19 on Indian incomes. The lockdown triggered by the pandemic resulted in shut businesses, lost jobs and falling incomes, plunging the Indian economy into a deep recession.
The middle class in India is estimated to have shrunk by 3.2 crore in 2020 as a consequence of the downturn, compared with the number it may have reached absent the pandemic, defining the middle class as people with incomes of approximately ₹700-1,500 or $10-20 per day.
Meanwhile, the number of people who are poor in India (with incomes of $2 or less a day) is estimated to have increased by 7.5 crore because of the COVID-19 recession. This accounts for nearly 60% of the global increase in poverty
It also noted the record spike in MGNREGA participants as proof that the poor were struggling to find work.

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Regarding a report by Pew Research Center on impact of COVID on poverty, consider the following statements:1. India’s middle class may have shrunk by a third due to 2020’s pandemic-driven recession.2. The number of poor people in India (with incomes of $2 or less a day) is estimated to have increased by 7.5 crore because of the COVID-19 recession.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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