BJP Reels Out Data on Household Savings, Wealth & Equity to Refute Congress's Claim

The factsheet reports that for the first time since independence, average household food spending has decreased below 50 per cent of monthly spending due to increased income

- STATESMAN NEWS SERVICE

The BJP has released a factsheet reeling out statistics on household savings and wealth creation in the country to refute the Congress's claim that under the Modi government real wages have declined and household savings and consumption have fallen while the debt burden and income inequalities are rising.

The factsheet highlights that the increase in household debt is not due to rising indebtedness per borrower but due to a greater number of borrowers, reflecting improved credit access. The sharp decline in net household savings and an increase in household liabilities is because Indians are investing in physical assets (real estate and automobiles).

The increased number of education loans and consumption of experiences are also leading to the trend, it notes.

Countering the Congress claim that income inequality is rising in the country, the factsheet points out that under the Modi government, income brackets have expanded, with an 8.1 per cent rise in the Rs 5-10 lakh bracket and a 3.8 per cent rise in the Rs 10-20 lakh bracket.

The wealth generation has trickled down to rural India with 9 out of 10 rural entrepreneurs being the first-generation entrepreneurs.