05 February, 2020
2 Min Read
Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment
Prelims and Mains focus: on the declining savings rate in India and its causes
Context: India has been witnessing a slowdown in consumption as well as savings for a while now, raising questions over the growth of real income in the economy.
Why are savings so important?
What has been the trend in the savings rate?
India is not alone when it comes to a declining savings rate. Brazil, China and South Africa too witnessed a substantial decline in gross savings as a percentage of gross domestic product (GDP) since 2011. The decline came amid the slowest growth in world trade. In India, the savings rate as a percentage of GDP declined by nearly 5% between 2011 and 2018.
Why cut exemptions amid falling savings?
Why is India’s savings rate going down?
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