Household Consumption Expenditure Survey (HCES) 2023-24 + Banking_SBI_Clerk?.ToString()?? Banking_SBI_Clerk?.ToString()+" Current Affairs";

The Household Consumption Expenditure Survey (HCES) findings for 2023-24 reveal important trends in India's economic well-being and consumption patterns:
Key Highlights:
Increase in Household Consumption:
Average household consumption expenditure on a per capita basis rose 3.5% in real terms from August 2023 to July 2024 compared to the previous year.
This indicates reduced consumption inequality and a narrowing urban-rural gap.
Monthly Per Capita Expenditure (MPCE):
Rural MPCE: Increased by 3.53% to ₹2,079.
Urban MPCE: Grew by 3.48% to ₹6,996.
The urban-rural gap in MPCE declined further to 70% in 2023-24 from 71% in 2022-23 and 84% in 2011-12.
Consumption Patterns:
Non-Food Items: Account for the majority of expenditure, with a 53% share in rural and 60% in urban areas.
Decline in spending on edible oils offset higher spending on items like vegetables amid high food inflation.
Consumption Inequality:
Gini coefficient (a measure of inequality):
Rural areas: Declined from 0.266 (2022-23) to 0.237 (2023-24).
Urban areas: Declined from 0.314 (2022-23) to 0.284 (2023-24).
The bottom 5%-10% of the population saw the highest increase in MPCE in both rural and urban areas.
Poverty and Inflation Insights:
Findings contribute to updating the Consumer Price Index (CPI), aiding in poverty estimation and tracking retail inflation trends.
Survey Coverage:
Data collected from 2,61,953 households across India, with 59% from rural areas.
Significance:
The results reflect improvements in economic equity, narrowing disparities between urban and rural consumption levels.
They emphasize the resilience of rural consumption and the growing focus on non-food expenditure.
The decline in the Gini coefficient underlines a reduction in income inequality.
This survey is critical for policymakers to design welfare programs, fine-tune inflation measures, and assess the socio-economic impact of government schemes.