![Household finances in distress —
worsening](https://images.assettype.com/fortuneindia%2F2022-05%2Ff002f4dc-6d89-43c2-9760-75b29041d0e2%2FPayment_Bank_lead.jpg?w=300&q=95)
Household finances in distress — worsening
After household (net) financial savings dipped to 47-year low of 5.3% of GDP in FY23, household debt has risen sharply to 40% of GDP in Q3 of FY24
After household (net) financial savings dipped to 47-year low of 5.3% of GDP in FY23, household debt has risen sharply to 40% of GDP in Q3 of FY24
Monetary policy committee keeps rates unchanged; central bank announces new measures to mitigate pandemic woes, as it sees 9.5% contraction in real GDP for FY21.
The extension, which takes the total day-count of the lockdown to 54, will add to the challenges that the economy was already facing before Covid-19 took the shape of a pandemic.