What's behind a dramatic fall in Indian families' savings

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(An interesting aside: In 2022, non-mortgage debt in India matched Australia and Japan, and surpassed many other major nations, including the US and China.) Image source, AFP Image caption, Borrowing for consumption, including consumer durables, is the fastest-growing segment of consumer debt Mr Gupta also found that while borrowing for consumption - credit cards, consumer durables, weddings, health emergencies, for example - makes up less than 20% of total household debt, it was the fastest-growing segment.
Mr Gupta and fellow economist Tanisha Ladha at Motilal Oswal have found that the bulk of household debt growth in the past decade was driven by 'credit widening' - an increase in the number of borrowers - rather than 'credit deepening' or higher loans per borrower.
Also, it said, more people were borrowing to buy assets like home and vehicles which is "not a sign of distress but of confidence in the future employment and income prospects".
Mr Gupta and Ms Ladha believe that the current high level of borrowing in a year does not endanger India's financial or macroeconomic stability.