Unearthing Reasons Behind Drop In Indian Household Savings – OpEd
Indians have long been known for their prudent saving habits, setting aside money for future needs and financial security. However, recent data from the Reserve Bank of India paints a concerning picture. According to their latest report, India's net household savings have hit a 47-year low. In the financial year 2023, savings dropped to 5.3% of the gross domestic product (GDP), down from 7.3% in 2022, marking a significant decline.
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