'DIGITAL STEPS TO TRIPLE INDIAN RETAIL BORROWING TO $2.5 TRN BY 2030' REPORT

S&P Global Ratings says digitisation initiatives, backed by the government, have enabled mass access to savings accounts and digital payments

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TDG Network New Delhi Recognising the impact of digitisation in the country, S&P Global Ratings said that the state-backed digital initiatives will underpin a tripling of Indian retail borrowing by 2030, lifting Indian households’ debt to about USD 2.5 trillion or about 34 per cent of GDP.

“Digital initiatives could triple India’s retail lending by 2030,” noted that technology has already boosted India’s financial inclusivity, lifting basic savings account ownership to about 77 per cent, up from 35 per cent in 2011.

India’s micro-loan borrowers have an average Indian rupee of 35,156 (about USD 400) of borrowing according to the National Bank For Agriculture And Rural Development (NABARD), the rating agency cited in its report.