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Declining of net Household Savings
April 30 , 2024
61 days
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- RBI says India's net household savings stood at a 47-year-old low.
- The net Household Savings contracting to a mere 5.3% of the gross domestic product (GDP) in the financial year 2023.
- It is a significant drop from the 7.3% recorded in 2022.
- There has also been a sharp jump in household debt in the same period.
- The Annual borrowings stood at 5.8% of GDP - the second-highest level after the 1970s.
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