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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Jharkhand Education Minister Ramdas Soren passes away at 62
Ranchi, Aug 15 (PTI): Jharkhand Education Minister Ramdas Soren died on Friday, JMM national spokesperson Kunal Sarangi said.
He was 62.
Soren was undergoing treatment at a private hospital in Delhi, where he was admitted on August 2.
"State Education Minister Ramdas Soren, who was undergoing treatment at a hospital in Delhi, is no more," Sarangi told PTI.
Soren's condition was critical and he was on life support, Sarangi said.
The Jharkhand Mukti Morcha (JMM) leader was airlifted to the hospital in the national capital from Jamshedpur after he fell in the bathroom of his residence on August 2.
A multidisciplinary team of senior specialists was closely monitoring his condition and providing intensive medical care.
Jharkhand Chief Minister Hemant Soren condoled his death.
Hemant Soren, in a post on X, wrote, "Ramdas Da (brother) should not have left us like this. Last greetings to Dada..."
Ramdas Soren, born in Ghorabandha village in East Singhbhum district on January 1, 1963, began his political journey as the gram pradhan of the Ghorabanda panchayat, eventually rising to become one of the most influential ministers in the Hemant Soren-led cabinet.
He won the Ghatshila assembly seat for the third time in 2024 by defeating BJP's Babulal Soren, son of former chief minister Champai Soren.
ऐसे छोड़ कर नहीं जाना था रामदास दा...
— Hemant Soren (@HemantSorenJMM) August 15, 2025
अंतिम जोहार दादा... pic.twitter.com/5cKZkpIe9Z
