New Delhi, May 22 -- According to a report released on Tuesday by Crisil, a prominent rating agency, India's household savings, which had been declining since the COVID-19 pandemic due to higher borrowings, may have rebounded in the fiscal year 2023-24 (FY24).
While official data from the National Statistical Office (NSO) is still awaited, early indicators suggest that household savings may have revived in FY24, and the growth in household liabilities is likely to have moderated, as stated by Crisil.
The report, titled Trends in Household Savings and Debt After the Pandemic, notes that India's current account deficit (CAD) is estimated to have narrowed to around 1 per cent of GDP in FY24, down from 2 per cent in the previous fiscal year...