India and its burden of social obligations
40% of indebted households in underdeveloped rural areas took loans for social obligations, shows the ICE 360 survey
New Delhi: More than a quarter of Indian households are indebted, and a majority of them borrow from informal sources rather than banks or financial institutions, according to fresh data from a large-scale nationally representative survey. The ‘Household Survey on India’s Citizen Environment & Consumer Economy’ (ICE 360° survey) conducted this year shows that 27% Indian households have at least one outstanding loan. Fourteen percent households have informal loans, 12% have formal loans, and 2% have both formal and informal loans.
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