Are Indians saving enough? There is no clear answer
- There’s been a drop but we surely can’t expect India’s young to spend and save more simultaneously
Indian household borrowings rose sharply last year, as per recently released Reserve Bank of India (RBI) data. This led to a decline in household net financial savings—defined as household financial savings during the year minus financial borrowings—to just about 5% of nominal gross domestic product (GDP) in 2022-23, a 2.5% annual drop.