Household Savings Dip by Rs 9 Lakh Cr in 3 Years: 2022-23 Data
May 07, 2024 17:19
India's household savings have plummeted by Rs 9 lakh crore in three years, reaching a five-year low in 2022-23. This decline is linked to increasing investment in mutual funds, shares, and loans. Find out more about the latest trends.
New Delhi, May 7 (PTI) Net household savings declined sharply by Rs 9 lakh crore to Rs 14.16 lakh crore in three years to 2022-23, according to the latest National Account Statistics 2024 of the Ministry of Statistics and Programme Implementation.
The net household savings peaked at Rs 23.29 lakh crore in 2020-21. These have been on the decline since then, the data showed.
The net household savings declined to Rs 17.12 lakh crore in 2021-22 and dipped further to a five-year low of Rs 14.16 lakh crore in 2022-23.
The previous low of net household savings was Rs 13.05 lakh crore in 2017-18 which increased to Rs 14.92 lakh crore in 2018-19 and Rs 15.49 lakh crore in 2019-20.
The data showed that the investment in mutual funds almost trebled to Rs 1.79 lakh crore in 2022-23 in three years from Rs 64,084 crore in 2020-21. It was Rs 1.6 lakh crore in 2021-22.
The household investment in shares and debentures almost doubled to Rs 2.06 lakh crore in 2022-23 from Rs 1.07 lakh crore in three years from 2020-21. It was Rs 2.14 lakh crore in 2021-22.
Bank advances (loans) to households have also doubled in three years to Rs 11.88 lakh crore in 2022-23 from Rs 6.05 lakh crore in 2020-21. It was Rs 7.69 lakh crore in 2021-22.
Loans to households by financial corporations and non-banking financial corporations increased also fourfold to Rs 3.33 lakh crore in 2022-23 from Rs 93,723 crore in 2020-21. It was 1.92 lakh crore in 2021-22.
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