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Rise in physical assets is welcome, but rising loans towards housing and vehicles can create default risks

US subsidiary transfers all precious metal market risk to headquarters

A report by SBI Research suggests that the low-interest rate environment in India during the pandemic has led to a shift in household savings from financial assets to physical assets. The study found that a significant portion of retail credit to households in the past two years has been used for housing, education, and vehicle purchases. The report argues that claims of a decline in household savings are misleading and that savings should be considered as a combination of physical and financial assets.

India's finance ministry has addressed concerns about dropping household savings, stating that there is no distress. They explained that household savings relative to nominal GDP have remained constant at around 19.7% in FY22. The ministry also highlighted that overall household savings, including financial, physical, and jewellery assets, have grown at a CAGR of 9.2% between 2013-14 and 2021-22. They added that while financial assets added to portfolios decreased in recent years, the net financial assets of households continue to grow.

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