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Household debt Q3FY24
April 22 , 2024
12 days
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- India's household debt levels are reported to have reached a record high of 40 per cent of Gross Domestic Product (GDP) by December 2023 (Q3FY24).
- Net financial savings plummeted to approximately 5 per cent of GDP.
- Throughout the first nine months of the previous year, households' gross financial savings saw a slight increase to 10.8 per cent of GDP from 10.5 per cent in the corresponding period of 2022-23.
- However, financial liabilities also escalated proportionally to 5.8 per cent of GDP from 5.5 per cent of GDP.
- The households' physical savings reached a ten-year peak in 2022-23, their total savings plummeted to a six-year low of 18.4 per cent of GDP.
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