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Savings trend due to preference for homes: FinMin
September 22, 2023
|Mint Mumbai
The finance ministry on Thursday sought to address concerns expressed by economists about the reducing magnitude of financial savings added by households, attributing it to people's preference for non-financial assets such as homes.
The clarification comes after experts quoted the flow of financial assets and liabilities of households released by the Reserve Bank of India (RBI) in its September bulletin and expressed concerns over the share of net financial assets by households in GDP declining to 5.1% in FY23 and 7.2% in FY22 from 11.5% in FY21.
In absolute terms, net household financial savings added, stood at ₹22.8 trillion in FY21 and it came down to ₹16.9 trillion in FY22 and to ₹13.75 trillion in FY23.
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