48% of Indian households expect reduced earnings and savings in FY23 due to rising costs, with net savings falling to Rs 14.16 trillion.

48% of Indian households in a recent survey anticipate a decline in annual earnings and savings in the upcoming financial year, due to rising living costs and expenses. Net household savings in India have fallen to Rs 14.16 trillion, with the savings rate decreasing from 22.7% of GDP in FY21 to 18.4% in FY23. Households are looking to the 2024-25 Budget for tax relief to help alleviate financial pressure.

July 18, 2024
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