Household indebtedness at record high in FY17

Indians owed around Rs 25 lakh cr to banks and listed NBFCs at the end of FY17, up 65% in past 3 yrs

Krishna Kant  |  Mumbai 

A rising share of consumption in India's economic growth has begun to strain the balance sheets of individuals and families as a bulk of the incremental consumption expenditure is being financed through personal loans rather than growth in income. In the past three years, personal loans have grown at twice the rate of growth in personal disposable income, leading to a steady rise in household indebtedness.  At the end of March this year, Indians owed Rs 25.2 lakh crore to banks and listed non-banking finance companies (NBFCs), up 65 per cent in the past three years. ...

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First Published: Fri, September 01 2017. 19:56 IST