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United Nations (UNO) laid down an agenda for 2030 which advocates for achieving (17) sustainable development goals (SDG's) by the year 2030 by all the countries. Among these (17) goals, first goal of SDG is "to end the poverty in all it's forms everywhere in the world by 2030. All SDG's are inter related and inter dependent on each other. The achievement of all other SDG's (16) depends on the achievement of SDG (01) i.e., the removal of poverty. India has also been a signatory to UN's agenda for 2030. Hence India has been committed to reduce it's poverty to zero by 2030. Poverty has been the greatest challenge and global problem that the Governments across the nations are facing in the contemporary world. According to poverty estimates of planning commission in (2011-12), there are still about 22% of people in the country are living below poverty line (BPL). In absolute terms large number of people i.e., 27 crores are BPL in India. In spite of implementation of various poverty alleviation programmes i.e., both self and wage employment programmes by both Central and State Governments in the last 70 years the problem is still rampant. In this scenario Indian knowledge system (IKS) appears to be a ray of hope and offers solutions to the contemporary problems of the society including poverty. Indian knowledge system is a system of knowledge and wisdom that have been transmitted from one generation to other in India. IKS includes the main components of Gnan (knowledge), Vignan (Science) and Jeevan (philosophy). The reservoir of India knowledge and wisdom emnates from the literature of Vedas (4),Upanishads, Upavedas etc and later vedic texts like Bhagavath Gita, Ardhashastra. Poverty is not just an economic problem of income or wealth. But it is a multi-dimensional phenomenon comprising of various like education, health, nutrition, sanitation, housing, safe drinking water etc. Indian knowledge system indeed is a way of life. It is inter disciplinary in nature and its diverse components like Science, Mathematics, Medicine, Astronomy, governance etc., offers integrated holistic approaches to alleviate the poverty both in India and at Global level. This article focuses on the systems and approaches of IKS to reduce the poverty and improve the standards of living and overall quality of life of people in India and world over.