India 2020 economy Government shock India

Opinion | Debt is now an unwanted burden across most of India’s economy

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₹1.5 trillion in the 12 months to March 2020.The Reserve Bank of India (RBI) had earlier this month released some provisional estimates of the financial assets and liabilities of Indian households, which includes unincorporated enterprises in our statistical framework.

The data is for three years till fiscal year 2020 that ended in March. A comparison with similar data over a longer period of time is telling.Borrowings by Indian households—or the difference between gross financial savings and net financial savings—averaged 2.9% of gross domestic product (GDP) in the six fiscal years between 2011-12 to 2016-17.

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