New Delhi, December 1 (IANS). According to the information given by the Center on Monday, domestic savings in India increased from Rs 50.1 lakh crore in 2022-23 to Rs 54.61 lakh crore in 2023-24, which shows an increase of Rs 4.51 lakh crore in a year.
According to the National Accounts Statistics 2025 published by the Ministry of Statistics and Program Implementation, household savings as a percentage of GDP declined from 18.6 per cent in 2022-23 to 18.1 per cent in 2023-24, Union Minister of State for Finance Pankaj Chaudhary said in reply to a question in the Lok Sabha.
Giving information, Minister of State for Finance Pankaj Choudhary said that the government’s focus on ease of doing business, skilling, employment generation, inclusive human resource development and creation of infrastructure creates a better environment to boost household income and savings.
Emphasizing his point, he said that factors like tax exemption on annual income up to Rs 12 lakh, recent GST rate rationalization are expected to boost domestic consumption, savings and investment.
According to the Minister of State for Finance, the Central Government closely monitors important economic parameters including household savings. Additionally, their effects on the country’s economic growth and fiscal stability are also taken into account.
“Macroeconomic fundamentals of the Indian economy remain strong, supported by strong domestic demand, low inflation, improving corporate balance sheets and sustained fiscal discipline,” Minister of State for Finance Pankaj Chaudhary said.
Earlier, while giving information last week, Finance Minister Nirmala Sitharaman had said that in the financial year 2025, the net financial assets of the families have increased to Rs 9.9 lakh crore and 6 percent of the GDP. Whereas in FY 2024, the net financial assets of households were 5.3 percent of GDP. Further, he said that the financial liabilities of households fell sharply to Rs 15.7 lakh crore and 4.7 percent of GDP in FY 2025.
–IANS
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