Poverty reduction or poverty alleviation refers to any process that attempts to reduce the number of people living on and below the poverty line in a given community or country. Reduction of poverty in the developing countries has gained the greatest priority with the governments of these countries while designing reforms for economic growth.
The presence of poverty adds to these factors and makes the economic scenario worse for the developing nations. Thus one of the essential reforms in the developing nations is reducing the level of poverty.
Strategies for poverty reduction in a country include the various macroeconomic policies and social programmes that help in reducing poverty and stimulating economic growth. The social and structural programmes for reducing poverty in developing countries are designed after analysing the multidimensional effects of poverty. The ultimate objective of these policies is raising the quality of life of the poor. Generally such policies are associated with a deep involvement of the civil society. The civil society's participation in the policies promotes the national ownership of the poverty reduction strategies. Poverty is a deep-rooted problem for any nation. Hence the strategies taken for its eradication also involve a long time horizon. This is the reason for the long-term perspective of poverty reduction strategies (Poverty Reduction Strategy Papers, 2008).
Various strategies are followed for poverty eradication in developing nations. The most popular among them is Ownership strategy. ...