Net household savings peaked at Rs23.29 lakh crore in 2020-21
New Delhi: Net household savings declined sharply by Rs9 lakh crore to Rs14.16 lakh crore in three years to 2022-23, according to the latest National Account Statistics 2024 of the Ministry of Statistics and Programme Implementation.
The net household savings peaked at Rs23.29 lakh crore in 2020-21. These have been on the decline since then, the data showed.
The net household savings declined to Rs17.12 lakh crore in 2021-22 and dipped further to a five-year low of Rs14.16 lakh crore in 2022-23.
The previous low of net household savings was Rs13.05 lakh crore in 2017-18 which increased to Rs14.92 lakh crore in 2018-19 and Rs15.49 lakh crore in 2019-20.
The data showed that the investment in mutual funds almost trebled to Rs1.79 lakh crore in 2022-23 in three years from Rs64,084 crore in 2020-21. It was Rs 1.6 lakh crore in 2021-22.
The household investment in shares and debentures almost doubled to Rs2.06 lakh crore in 2022-23 from Rs1.07 lakh crore in three years from 2020-21. It was Rs2.14 lakh crore in 2021-22.
Bank advances (loans) to households have also doubled in three years to Rs11.88 lakh crore in 2022-23 from Rs6.05 lakh crore in 2020-21. It was Rs7.69 lakh crore in 2021-22.
Loans to households by financial corporations and non-banking financial corporations increased also fourfold to Rs3.33 lakh crore in 2022-23 from Rs93,723 crore in 2020-21. It was Rs1.92 lakh crore in 2021-22.
