Household debt has sharply increased to 37.3 per cent of GDP in FY21 from 32.5 per cent of GDP in FY20
India is the third most indebted country among major emerging markets, behind Argentina and Brazil.
Indian households had debts worth nearly Rs 43.5 trillion at the end of March this year, up from Rs 6.6 trillion at the end of March 2008 and Rs 19.3 trillion five years ago at the end of FY15
The financing of households is fine if incomes keep growing. If not, high debt levels could begin to bite, and we will have a double whammy, writes T N Ninan