On Monday, India’s finance minister revealed that extreme poverty would drop significantly by 2021 and cease to exist in the following decade as a result of fast economic growth and rapid urbanisation.

As Reuters reports, the World Bank showed that in 2011, which was when the last census was taken, over 21% of India’s 1.3 billion people lived on less than $1.90 a day.

In a Facebook post, Finance Minister Arun Jaitley said: “Urbanization will increase, the size of the middle-class will grow and the economy will expand manifolds.

“These will add to the number of jobs, and as the experience of the past three decades have shown in the liberalized economy, every section of citizens will benefit.”

Jaitley pointed out that economic growth in the last few years has produced enough revenue needed for states to dedicate their efforts towards aiding poverty levels, job creation and improving healthcare and education.

Jaitley also noted that the most important issue India has to deal with is restoring peace in Jammu and Kashmir, saying: “The issue of Jammu and Kashmir and terror continues to remain the biggest challenge before India.

“It relates to our sovereignty, integrity and security.”