New Delhi, June 15 -- India's gross domestic savings fell to 30.7% of GDP in FY24, down from 32.2% in FY15, driven by a sustained decline in household savings, CareEdge Ratings said in a recent report.

Household savings, which form the backbone of domestic capital formation or investment in the economy, dropped for a third straight year to 18.1% of GDP in FY24, raising concerns about the long-term resilience of the savings base in an economy heavily reliant on domestic consumption and investment.

Also Read | How to address India's falling household savings

At the same time, gross financial liabilities of households surged to 6.2% of GDP in FY24, nearly double the level seen a decade ago, the rating agency said in its 'Economic Pathway ...