Covid-19: At Rs 43.5 trn by March, Indian households' debt at record high

Indian households have entered the Covid-19 lockdown with a record level of debt and poor income growth, making it tough for many families to absorb income losses owing to the pandemic.

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.

Outstanding retail loans are now equivalent to 21.3 per cent of India’s GDP in FY20, up from 13.2 per cent at the end of March 2008 and 15.5 per cent