People of India are lagging behind in saving, wasting money by taking loans, RBI report revealed. - Newztezz Online

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Wednesday, September 20, 2023

People of India are lagging behind in saving, wasting money by taking loans, RBI report revealed.

Everyone earns but saving is not within everyone's power. Elders used to say this. Now something similar has come to light in the latest report of RBI. In this report of RBI it has been said that people in India are far behind in saving as compared to earning.

How much is the income of people increasing or decreasing in any country? To measure this, per capita income is used. Meaning, what is the per capita income of the people of that country. If we talk about our country, the income of the people of India is increasing. But the biggest matter of concern is that even after increasing earnings, people are not left with money in their hands. Or to put it this way, people are wasting whatever they are earning. We are not saying this. This has been revealed in the report of Reserve Bank of India.

According to the latest report of Household Assets and Liabilities of the Reserve Bank of India, household saving in India has fallen to its lowest level in 50 years. Because of this people are getting trapped in the debt trap. The situation is such that forget savings, people are taking loans to fulfill their hobbies and needs. According to RBI data, there has been a sharp decline in India's household savings during 2022-23. During this period, household savings have fallen to 5.1 percent.

What do the statistics say?

According to the RBI report, if we look at the savings figures in terms of India's GDP, the net savings have fallen to around Rs 13 lakh crore. This figure is the lowest in the last 50 years. So has people's income reduced? According to the RBI report, inflation is also an important reason behind this. Actually people are not able to save due to rising inflation. On the contrary, they are resorting to loans to meet their needs.

Growing pain of debt

It has also been said in the RBI report that the financial liability of people is increasing rapidly. Due to which people have started resorting to loans even for small things. Financial liability in the year 2021-22 was only 3.8 percent. Which has increased to 5.8 percent in the year 2022-23. In today's era, people are taking loans to buy land, house, shop etc. Apart from this, people are also taking help of loans for luxury purposes like marriage and honeymoon. Actually, people's consumption has increased after Corona. It is not that people's income has not increased. But it is a matter of concern that the expenditure has increased compared to the income.

Earnings are increasing

According to the data of the Ministry of Statistics and Program Implementation, the income of the people of India has increased. According to official figures, India's per capita income has increased by 35 percent compared to 2011-12. In the year 2014-15, the per capita income of the people of India was estimated at Rs 72,805, which has increased to Rs 98,374 in the year 2022-23.

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