By Subir Gokarn and Anu Madgavkar
AS INDIA prepares for its general election next month, it has some cause to celebrate: extreme poverty is finally in retreat.
In 2012, two decades after the government launched a series of economic reforms aimed at opening up the economy, the official poverty rate reached 22%, less than half the rate in 1994.
But it is time for India to raise its aspirations. Escaping abject destitution, though an important milestone, is not the same as achieving a decent standard of living and sense of economic security.
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