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Quarterly household savings on rise: Patra
Mint Mumbai
|October 07, 2023
Financial liabilities up due to shift to physical savings: RBI deputy governor
Days after Reserve Bank of India (RBI) data showed that the net financial savings of households had reportedly plummeted to a five-decade low, the central bank's deputy governor Michael Patra on Friday said the quarterly numbers showed an upward movement towards the historical trend.
"Historical average (for household saving) is about 7.5% of the GDP. If you look at the absolute level of savings, it has gone up to 14% (year-on-year). Within quarterly numbers, it has increased from 4.2% in Ql (of 2022-23) to 7% in Q4, so it is going towards the (historical) trend," Patra said at a post-monetary policy press conference.
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