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According to the Reserve Bank of India, gross household financial savings in India hit a five-year low of 10.8% of gross domestic product in FY22, from a 14-year high of 16% of the GDP in fiscal year 21.
By contrast, household financial liabilities hit an 18-year low last year at 2.5% of GDP, down from around 4% of GDP each in the previous four years.
As a result, household net financial savings fell to 8.3% of GDP in FY22 from a near record high of 12% of GDP (it was 12.1% of GDP in FY22). FY10) in FY21 and slightly above the average of around 8% of GDP in the previous five years.
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