India's household debt reaches 38% of GDP in FY23, driven by housing loans and stable savings.
India's household debt reached 38% of GDP in FY23, driven mainly by housing loans, which make up over 50% of retail loans. While unsecured loans like credit card debt are increasing, housing debt is linked to real estate investment, making it more productive. Despite the rise in debt, household savings remain stable at around 24% of GDP. However, the trend in unsecured lending requires close monitoring to ensure financial stability.
September 14, 2024
7 Articles