According to a news report published in The Indian Express, illiteracy is costing India an estimated amount of USD 53 billion annually.

The report, which is called ‘Economic and Social Cost of Illiteracy’ and is published by World Literacy Foundation, states that the cost of losses incurred by China, due to illiteracy, is USD 135.60 billion whereas Russia and Brazil lose USD 28.48 and USD 27.41 billion respectively.

China tops the list with India, Russia and Brazil closely trailing behind.

Amongst the Indian population aging above seven, 74 per cent are considered to be literate whereas 26 per cent are illiterate.

According to the report, illiteracy costs approximately USD 1.19 trillion a year to the global economy.

The report also signifies that illiterate people are estimated to earn 30-42 per cent less than literate people.