Rural Households See Significant Income Growth, finds recent NABARD.
Rural households in India have seen a significant increase in their income, according to a recent survey by NABARD. Between the year 2016-17 and 2021-22, their average monthly income rose by 57%, from 8,059 rupees to 12,698 rupees.
As a result, households are spending more, with monthly expenses increasing from 6,600 rupees to 11,200 rupees. Encouragingly, savings have also grown, from 9,100 rupees to 13,200 rupees, with more households saving - 66% in 2021-22 compared to 50.6% in 2016-17.
However, the survey also found that more households are taking on debt, with 52% having outstanding loans in 2021-22, up from 47% in 2016-17.
