New Delhi, June 15 -- India's household savings continued their downward trajectory for the third straight year, slipping to 18.1 per cent of GDP in financial year 2024 (FY24), as per CareEdge Ratings.

The report added that Gross domestic savings declined to 30.7 per cent of GDP in FY24 from 32.2 per cent in FY15.

On the other hand, household financial liabilities surged to 6.2 per cent of GDP, nearly doubling over the past decade, reflecting growing reliance on credit amid consumption needs, the report observed.

It highlights that despite the concerning savings trend, rural India offers a silver lining. Wage growth for rural male workers rose by 6.1 per cent year-on-year in February, outpacing rural inflation for the fourth consecutiv...