Lok Sabha Question No. 2959 (UNSTARRED), answered on 2025-12-17
Subject: Rising Household Debt after COVID-19
Ministry: STATISTICS AND PROGRAMME IMPLEMENTATION
Asked by: Ms Sayani Ghosh

## GOVERNMENT OF INDIA

## MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION

## LOK SABHA UNSTARRED QUESTION NO. 2959 TO BE ANSWERED ON 17.12.2025

## RISING HOUSEHOLD DEBT AFTER COVID-19

2959. MS SAYANI GHOSH:

Will the Minister of STATISTICS AND PROGRAMME IMPLEMENTATION be pleased to state:

- (a) whether it is a fact that household financial debt has been rising at a much faster rate than household financial assets with debt growth reportedly doubling compared to pre-COVID-19 levels and if so, the details thereof;
- (b) the  details  of  the  total  household  debt,  household  financial liabilities added each year and household financial assets added each  year  all  expressed  as  a  percentage  of  India's  GDP,  year -wise since 2014;
- (c) whether  it  is  true  that  the  share  of  financial  assets  added  by households  as  a  percentage  of  GDP  has  been  consistently declining  in  the  post-pandemic  period  indicating  weakening household balance sheets and if so, the details thereof; and
- (d) whether the Government has conducted any assessment on the reasons behind rising household indebtedness including stagnant  wages,  high  cost  of  living,  inflationary  pressures  and inadequate social protection and if so, the details thereof?

## ANSWER

MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF STATISTICS  AND  PROGRAMME  IMPLEMENTATION;  MINISTER  OF STATE  (INDEPENDENT  CHARGE)  OF  THE  MINISTRY  OF  PLANNING AND  MINISTER  OF  STATE  IN  THE  MINISTRY  OF  CULTURE  [RAO INDERJIT SINGH]

- (a) to (d): The  year-wise  details  of  the  latest  available  data  on  the stock of household financial assets and liabilities as a percentage of GDP are given below:

| Table 1: Stock of Household Financial Assets and Liabilities (as per cent of GDP)   | Table 1: Stock of Household Financial Assets and Liabilities (as per cent of GDP)   | Table 1: Stock of Household Financial Assets and Liabilities (as per cent of GDP)   | Table 1: Stock of Household Financial Assets and Liabilities (as per cent of GDP)   | Table 1: Stock of Household Financial Assets and Liabilities (as per cent of GDP)   | Table 1: Stock of Household Financial Assets and Liabilities (as per cent of GDP)   |
|-------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|
|                                                                                     | March-20                                                                            | March-21                                                                            | March-22                                                                            | March-23                                                                            | March-24                                                                            |
| Financial Assets                                                                    | 85.5                                                                                | 115.2                                                                               | 107.8                                                                               | 103.5                                                                               | 106.2                                                                               |
| Financial Liabilities                                                               | 34.7                                                                                | 39.1                                                                                | 36.5                                                                                | 38                                                                                  | 40.2                                                                                |

Source: RBI

The stock of household financial liabilities has increased by about 5.5 percentage points from March 2020 to March 2024, while the stock of household financial  assets  has  increased  by  20.7  percentage  points during  the  same  period.  Thus,  the  net  financial  position  of  the households (stock of assets minus stock of liabilities) has improved as of 2023-24.

Further, Ministry of Statistics and Programme Implementation (MoSPI) has been conducting All India Debt and Investment Survey (AIDIS) to collect basic quantitative information on the assets and liabilities of the households. The previous two rounds of AIDIS have been conducted during the period January to December, 2019 and January to December, 2013 as part of 77 th  and 70 th  rounds of National Sample Survey  (NSS)  respectively.  The  findings  of  these  surveys  have  been released and are available in public domain at the website of MoSPI.

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