Household savings in India drop to 18.1% of GDP in FY24: CareEdge Ratings

India's household savings continued their downward trajectory for the third straight year, slipping to 18.1 per cent of GDP in financial year 2024 (FY24), as per CareEdge Ratings.

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The report added that Gross domestic savings declined to 30.7 per cent of GDP in FY24 from 32.2 per cent in FY15.

On the other hand, household financial liabilities surged to 6.2 per cent of GDP, nearly doubling over the past decade, reflecting growing reliance on credit amid consumption needs, the report observed.