High debt pinches poor amid inflation, slow income growth

"As of December 2023, India's household debt reached around 40% of its GDP," as per a recent report by Motilal Oswal. This means that the total of all outstanding loans in the Indian economy is equal to nearly $1.6 trillion. Low savings, rising inflation and sluggish growth in real wages of 80% of India's income earners have made matters worse.