Household savings in India have fallen to a decades-low level: RBI data
New Delhi: Household savings in India have fallen to a decades-low level while borrowing has increased, according to data from the Reserve Bank of India (RBI). In the fiscal year 2023 (FY23), net financial savings of households reached 5.1% of the gross domestic product (GDP), down from 7.2% in FY22.
The annual financial liabilities of households rose by 5.8% of GDP in FY23, compared to 3.8% in FY22. Net assets of households declined significantly, dropping from Rs 22.8 trillion in FY21 to Rs 16.96 trillion in FY22 and further to Rs 13.76 trillion in FY23.
Household debt, measured by financial liabilities, remained high at 37.6% of GDP in FY23, up from 36.9% in FY22. The increase in financial liabilities in FY22 was the second-highest since India's independence, with the sharpest increase recorded in FY 2006-07 at 6.7%.
The primary reason for the decline in savings and the rise in borrowing is likely the combination of stagnant or decreasing household incomes in the face of rising inflation, as per the RBI's data.
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BJP, TMC hail SC directions on counting of votes for West Bengal polls
Kolkata (PTI): The BJP and TMC on Saturday both hailed the SC directions on the Election Commission's circular over the deployment of central government personnel for vote counting in West Bengal.
The apex court on Saturday said no further order was necessary on the TMC's plea challenging the Calcutta High Court's dismissal of its petition against the April 13 circular.
In a social media post, BJP leader Amit Malviya said, "In yet another legal setback, the Supreme Court has refused to intervene. The Trinamool Congress had approached the court challenging the exclusion of state government employees from vote-counting supervisor duties, and had sought an urgent hearing."
"The refusal to entertain this plea underscores a clear message -- attempts to influence or cast doubt over the integrity of the counting process will not find easy validation. Another day, another judicial rebuff for Mamata Banerjee," he added.
The TMC, however, claimed that the SC directions vindicated its stand.
"The issue raised before the Hon'ble Supreme Court pertained to the implementation of the said communication in a manner whereby only Central Government/Central PSU employees were being appointed as Counting Supervisors and Counting Assistants for counting of votes," the party said in a statement.
The TMC said it was highlighted that such an interpretation and implementation of the communication would be contrary to the framework of a fair and balanced counting process.
"After hearing the parties, the Hon'ble Supreme Court directed that Clause 1 of the communication dated 13.04.2026, relating to the appointment of Counting Supervisors and Counting Assistants, must be read along with the salient feature contained in the second page of the said communication, which provides for random selection of both State Government and Central Government employees," it said.
"The Hon'ble Supreme Court has further recorded the undertaking of Mr Dama Seshadri Naidu, learned Senior Advocate appearing for the Election Commission of India that the said communication shall be followed in its letter and spirit," it added.
The TMC said that in view of the directions, it is expected that the counting of votes shall be conducted in a fair, transparent, and balanced manner.
A special bench of Justices P S Narasimha and Joymalya Bagchi said the EC can choose the counting personnel, and its April 13 circular, which provides for deployment of state government employees as well, cannot be said to be incorrect.
The poll body said the apprehensions of TMC of any wrongdoing are misplaced, as the circular very clearly states that there will be a mix of central and state government employees.
The EC assured the court that the circular would be implemented in letter and spirit, and there would be state government employees also during the counting of votes on May 4.
Polling for the 294-member West Bengal assembly was held in two phases -- April 23 and April 29. The counting of votes will be taken up on May 4.
On April 30, the Calcutta High Court dismissed the TMC's petition against the Election Commission circular, saying there was no illegality in the poll panel's decision to appoint counting supervisors and assistants from Central government and Public Sector Undertaking (PSU) employees, instead of the state government staff.
