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Baner Club > Blog > Ecnomics > Why have savings for Indian families fallen so sharply economically?
Ecnomics

Why have savings for Indian families fallen so sharply economically?

India has been a country of savers for many years. They frequently save a sizable amount of their income for future security at the expense of present enjoyment.

Last updated: 2024/04/26 at 9:39 AM
Published April 26, 2024
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But now it appears that something is wrong. The Reserve Bank of India has released new data indicating that net household savings in India have reached a 47-year low. The total amount of money and investments that a family has, such as stocks, deposits, and bonuses, less any money they owe, such as debt and loans, is known as household net savings.

In the fiscal year 2023, savings as a percentage of GDP decreased from 7.3% in 2022 to 5.3%. This decrease was described as “dramatic” by one economist.

During the same time frame, household debt also experienced a significant increase. The annual percentage of GDP borrowed was 5.8%.

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admin April 26, 2024 April 26, 2024
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