Household savings dip over ₹9 lakh cr in 3 years to ₹14.16 lakh cr in FY23

Net household savings declined sharply by ₹9 lakh crore to ₹14.16 lakh crore in three years to 2022-23, according to the latest National Account Statistics 2024 of the Ministry of Statistics and Programme Implementation.

The net household savings peaked at ₹23.29 lakh crore in 2020-21. These have been on the decline since then, the data showed.

The net household savings declined to ₹17.12 lakh crore in 2021-22 and dipped further to a five-year low of ₹14.16 lakh crore in 2022-23.

The previous low of net household savings was ₹13.05 lakh crore in 2017-18 which increased to ₹14.92 lakh crore in 2018-19 and Rs 15.49 lakh crore in 2019-20.

The data showed that the investment in mutual funds almost trebled to ₹1.79 lakh crore in 2022-23 in three years from ₹64,084 crore in 2020-21. It was ₹1.6 lakh crore in 2021-22.

The household investment in shares and debentures almost doubled to ₹2.06 lakh crore in 2022-23 from ₹1.07 lakh crore in three years from 2020-21. It was ₹2.14 lakh crore in 2021-22.

Bank advances (loans) to households have also doubled in three years to ₹11.88 lakh crore in 2022-23 from ₹6.05 lakh crore in 2020-21. It was ₹7.69 lakh crore in 2021-22.

Loans to households by financial corporations and non-banking financial corporations increased also fourfold to ₹3.33 lakh crore in 2022-23 from ₹93,723 crore in 2020-21. It was ₹1.92 lakh crore in 2021-22.

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