This paper analyzes data from recently released household expenditure data for 2022-23 and 2023-24. Data from these surveys indicate a substantial decline in poverty levels in India. Consistent with evidence presented in Bhalla et al. (2022), India has eliminated extreme poverty. In addition, the household expenditure data for 2023-24 documents one of the sharpest annual declines in the poverty headcount ratio. Consistent with this result is the finding that the bottom three deciles of the consumption distribution have experienced the largest ever increase in their consumption. Contrary to popular perception, there is strong evidence that India has experienced a sharp reduction in inequality over the last twelve years, 2011-12 to 2023-24. An immediate policy implication of the low prevalence of poverty is the need for an updated official poverty line. This paper adopts a relative poverty line approach to define new poverty lines for future policy considerations.