Deposits are still the most loved way for saving in India, according to an article published in the Reserve Bank’s July Bulletin. The article, written by Anupam Prakash, Suraj S, Ishu Thakur, and Mousumi Priyadarshini from the RBI’s Department of Economic and Policy Research, discusses the financial balance sheets and net wealth of households from 2011-12 to 2022-23.
During the pandemic, financial assets and wealth of households saw a rise due to restrictions on mobility and spending, alongside subdued growth in liabilities. As of March 2023, households’ financial assets were 135.0% of GDP, while liabilities were 37.8% of GDP, resulting in a net financial wealth of 97.2% of GDP.
Despite the spike in financial assets during the pandemic, the debt-to-financial assets ratio remained stable. The article points out that a large portion of wealth in India is held in non-financial assets like housing, which were not covered in the study.
The article also highlights the rise in households’ equity wealth to 19.4% of GDP by December 2021, before moderating to 14.9% by March 2023. It should be noted that the data is based on listed equity holdings only.
Please note that the opinions expressed in the article are those of the authors and do not necessarily reflect the views of the RBI. Deposits continue to be the go-to choice for saving in India, even as other market-based instruments gain popularity.
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