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D deepakshenoy
Deepak Shenoy
@deepakshenoy

This data about Indian household debt to gdp being 46%, where does it come from? It's way off from the numbers I'm seeing. That would be 120 lakh crores!

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D docpathan
Dr. Saqib Ali Pathan @docpathan ·
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B Bhumihin1632561
Bhumihin @Bhumihin1632561 · D

@deepakshenoy Financial stability report

S skylyfresearch
Skylife Research @skylyfresearch · D

@deepakshenoy It’s RBI’s stock measure, not the ₹15.7 lakh crore annual addition to household financial liabilities. ₹15.7 lakh crore is 4.7% of GDP; the 45.5% figure is outstanding household debt at September 2025.

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B Bhumihin1632561
Bhumihin @Bhumihin1632561 · D
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T notoriousjatt85
Tea Leaf Investing NLC @notoriousjatt85 ·

@deepakshenoy @grok pls answer?

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D deepakshenoy
Deepak Shenoy @deepakshenoy · 293K A

Correction it would be 170 lakh crore. Rbis own data shows only 96 lakh crore to retail. 71 lakh cr from banks and 25 lakh cr from nbfcs That's like 27% of gdp (350 lakh cr)

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A AbhinavSri31
Abhinav @AbhinavSri31 ·

@deepakshenoy I read an article in mint today which stated this exact thing (not for the first time) and also further said that around 58% of that number is non-housing retail, i.e. mostly consumption-based loans.

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B brijesh21
brijesh mulchandani @brijesh21 ·
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F FactsHitter
FactsHitter @FactsHitter ·

@deepakshenoy It is True. It is probably way more than the data reveals. Indian middle-class is getting crushed under the weight of debt.

R RAMALINGESHWARB
RAMALINGESHWAR Banahatti @RAMALINGESHWARB ·

@deepakshenoy Lending to SHGs through NGOs.

𝗖 CaptVenkatReddy
𝗖𝗮𝗽𝘁.𝗩𝗲𝗻𝗸𝗮𝘁 𝗥𝗲𝗱𝗱𝘆 @CaptVenkatReddy · C

@deepakshenoy RBI in it's FSR shows >46% HHD/GDP till FY-23. Recent I could not find but CNBC-TV18 ran a story on this with same figure. Don't know where they got recent FSR. Need to scroll down >10 pages👇 Reports| Official Website of Reserve Bank of India share.google/WRDoDlo80rMNeyuWA

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E EnquirerSaraghu
Enquirer @EnquirerSaraghu ·

@deepakshenoy It is wrong,simple . Because the RBI data on households includes debt of informal / unorganised sector also . Unfortunately the RBI has stopped mentioning this in the notes to the table and hence the general misconception that households are borrowing heavily to meet consumption

2 replies whose parent comment X withheld

B Bhumihin1632561
Bhumihin @Bhumihin1632561 · D
D deepakshenoy
Deepak Shenoy @deepakshenoy · 293K A

RBI is strange. I found the problem. They consider partnership firms, proprietorships etc as household debt which is wrong IMO, and this alone has 21 lakh cr in it. 21 lakh cr is about 6% of GDP. (Don't tell me it's because the loan liability falls on the individual - then every corporate loan that has a promoter's personal guarantee is a household loan) Plus they've counted Trusts, Joint liability cos etc in household debt. From what it seems, India is less than 40% of GDP as household debt. BIS probably takes RBI data as gospel and shows 45%, but then it also shows: - Australia at 114% - China at 58% - USA at 68% - UK at 73% - Brazil at 31% In fact India was at 45% in BIS data even in 2007. I should make a chart post about this. Very interesting data (more granular stuff is available)

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