Families are finding it difficult to save. The latest figures from the Ministry of Statistics and Program Implementation are showing this. According to the data, the net savings of households in the country declined by more than Rs 9 lakh crore in three years to Rs 14.16 lakh crore in the financial year 2022-23. The Ministry of Statistics and Program Implementation gave this information on Tuesday. According to language news, according to the latest National Account Statistics-2024 released by the Ministry, the net savings of households had reached Rs 23.29 lakh crore in the financial year 2020-21, but since then it has been continuously declining.
how much savings are left
According to the news, the net savings of families decreased to Rs 17.12 lakh crore in the financial year 2021-22. It further reduced to Rs 14.16 lakh crore in the financial year 2022-23, which is the lowest level in the last five years. Earlier, the lowest level of net domestic savings was Rs 13.05 lakh crore in the year 2017-18. But it increased to Rs 14.92 lakh crore in 2018-19 and Rs 15.49 lakh crore in 2019-20.
investing in mutual funds
Government data shows that investment in mutual funds almost tripled to Rs 1.79 lakh crore during 2020-21 to 2022-23 from Rs 64,084 crore in 2020-21. Investment by households in shares and debentures almost doubled from Rs 1.07 lakh crore in the period to Rs 2.06 lakh crore in 2022-23.
Bank loans of families doubled
Statistics show that the bank loan of households also doubled in these three years to Rs 11.88 lakh crore in 2022-23. It was Rs 6.05 lakh crore in 2020-21 and Rs 7.69 lakh crore in 2021-22. Loans given to households by financial institutions and non-banking financial companies also increased four times from Rs 93,723 crore in the financial year 2020-21 to Rs 3.33 lakh crore in 2022-23. It was Rs 1.92 lakh crore in the financial year 2021-22.
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