India is going to largely tackle its biggest factor holding its economy back-poverty- by 2030.

In a report released earlier this year, the World Economic Forum said that the country will uplift around 25 million households out of poverty and reduce the share of households below the poverty line from 15 percent today to 5 percent.

The report further added that the upper-middle income and high income segments will grow to one in two households by 2030, from the present one in four households status. The growth is expected to be seen on the back of economic expansion, increase in internet access and a favourable demographic dividend.

However, it also pointed out the challenges that the government and private sector need to acknowledge in order to overcome the full potential of these opportunities and ensure equitable growth. The challenges include job creation, skill development, physical and digital connectivity, financial inclusion, access to healthcare, pollution and urban planning.

Finance Minister Arun Jaitley had also made a similar statement in one of his Facebook blog posts where he said that there will be no extreme poverty in India by 2031 on account of economic expansion.

He said that fast economic growth and rapid urbanisation would reduce the share of population living in extreme poverty by 2021 and it expected to end completely a decade after that.