Household Debt at Record High as Indians Tap Savings to Fuel Consumption
- Household debt levels in India reached 40% of GDP by December 2023, an all-time high
- Net financial savings dropped to around 5% of GDP, the lowest level in 47 years
- Falling savings attributed to weak income growth and robust consumption
- Unsecured personal loans growing the fastest within household debt
- Analysts expect low household savings and consumption growth to persist in 2023-24
