household income limit for micro loans should be raised to ₹5 lakh, demand NBFCs: Report
The last time criteria relating to the annual household income limit for giving micro loans to individual borrowers was revised was in 2022, when it was upped from ₹1.25 lakh in rural areas and ₹2 lakh in urban and semi-urban areas to a uniform ₹3 lakh. Key Points
mintAfter Netflix, Disney stops users from sharing their password outside household
In July this year, Netflix stopped users in India to share passwords outside of their household. And now, Disney is following suit. Key Points
India TodaySpain to launch app to monitor men's contribution in household chores
According to a survey from Spain’s national statistics institute 45.9% of female respondents said they carried out the majority of household chores. | World News Key Points
Hindustan TimesNSSO survey shows doubling of household spending in last decade
India Business News: The National Sample Survey Office (NSSO) has released a comprehensive study showing a significant increase in monthly household consumer spending in India from 2011-12 to 2022-23. Find out the details and implications of this survey. Key Points
Times Of Indiahousehold consumption to revive in FY25, growth at 6.3%: Standard Chartered
India needs household consumption to pick up for GDP growth of 6% or higher in the coming fiscal. Standard Chartered revised its FY25 forecast to 6.3% from 6%, projecting muted inflation and higher food spending to drive growth. The report expects a revival in consumption to offset the impact of lower commodity prices, slower global growth, and moderation in government capex. Key Points
Economic Times
Do you need to be frugal with your money?
Punishing frugality and settling for compromises in quality, efficiency and speed were part of the mindset that presumed one must make do. An earlier generation might be stuck in this narrative. Key Points
Economic TimesAdopt A Pet: Winter cuddles sorted with these furry buddies in Delhi-NCR
Here are some pawsome friends looking for the warmth of a loving home. Open your hearts and homes to them. Adopt, don’t shop for pets! Key Points
Hindustan TimesStocks, Treasuries lead US household wealth to 1-year high in early 2023
U.S. household wealth climbed to the highest in a year in the first three months of 2023, led by the stock market's recovery from last year's bear market and mushrooming appetite for high-yielding U.S. government bonds, data from the Federal Reserve on Thursday showed. Key Points
ReutersNo economic distress among common households, says Centre
The central government on Thursday said there is no distress among common households after a RBI report said the net financial savings of households have crashed to a nearly five-decade low of 5.1 per cent of GDP in fiscal 2022-23. Key Points
The Tribune Indiahousehold Financial wealth still higher than the pre pandemic levels
A research paper by RBI economists has found that the net financial wealth (NFW) of Indian households is still higher than pre-pandemic levels, at 97% as of March 2023. The total household financial assets are estimated at Rs 363.8 lakh crore, equivalent to 135.0% of the GDP, while the outstanding liabilities amount to ₹101.8 lakh crore, accounting for 37.8% of GDP. Key Points
Economic Times
King Charles unable to reduce royal family's expenses? He is turning down…
Accounts showed that the royal household spent £2.7million on gas and electricity over the past year. | World News Key Points
Hindustan TimesSavings down, financial liabilities up: RBI says household debt warrants close monitoring
The Reserve Bank of India highlighted rising household financial liabilities post-Covid, with overall savings dropping to 18.4% of GDP in FY23 from an average of 20% between 2013-22. household debt, driven by increased retail loans, is mostly held by prime credit quality borrowers. Savings are now shifting towards physical assets and non-bank investments. Key Points
Economic TimesIndia to conduct another household survey before changing CPI: Officials
India will conduct a survey of household consumption and retailers to revise the consumer price index (CPI), with initial findings showing a decrease in the weighting of food. The final report of the 2022/23 household survey will be released in two to three months, said Geeta Singh Rathore, director general of the National Sample Survey. Key Points
Economic TimesAre Bharat & India closer? Yes, but…
India News: Find out the key findings of the All India household Consumption Expenditure Survey and its implications for the Indian economy. Discover the changing consumption patterns, rural-urban divide, and the impact on GDP and CPI. Are Bharat and India really getting closer? Read more to find out. Key Points
Times Of IndiaConsumer confidence remains on recovery path: RBI survey
The current situation index rose by 2.2 points to 87 from 84.8 on account of improved perception on general economic situation, employment, and household income. Key Points
Financialexpress
A home to stay, a car to ride: Indians use savings to buy
Official data on household net financial savings indicates that it fell to 5.1% of GDP in FY23 from 11.5% in 2020-21, well below its long-run annual average of 7.0-7.5%. The fall was driven by a rapid rise in financial liabilities (household borrowings - from 3.8% of GDP in FY22 to 5.8% in FY23. Key Points
Economic TimesDabur India beats profit estimates on higher demand for household products
Consumer goods maker Dabur India (DABU.NS) reported second-quarter profit above market expectations on Thursday, benefiting from rising demand in its household and personal care and healthcare segments. Key Points
ReutersCentre rebuts RBI report, says no economic distress in households
The Central government on Thursday said there is no distress among common households after a RBI report said the net financial savings of households have crashed to a nearly five-decade low of 5.1% of GDP in fiscal 2022-23. Key Points
The Tribune IndiaDPIIT to roll out mandatory quality norms for home electrical appliances; one order to cover 85 standards
These products, which are divided under six categories, include Vacuum Cleaners, Electrical Shavers Hair, Massage Appliances, Electric Steam Cookers, Electric Heating Tools, Electric Coffee Makers, and Electric Food Processors. Most of the imports are coming from China. As many as 85 standards will be covered under one quality control order for safety of household, commercial and similar electrical appliances, Joint Secretary in the DPIIT Sanjiv told PTI. Key Points
Economic TimesAnnoyed over her ‘lifestyle’, woman shoots daughter-in-law dead
A woman in Gajraula town, India, shot and killed her daughter-in-law due to annoyance over her lifestyle and disinterest in household chores. The woman, along with her husband and son, was arrested. The woman tried to make it look like a case of robbery and murder. Key Points
Hindustan Times
US credit card debt tops $1 trillion, overall consumer debt little changed
Credit card balances rose by $45 billion to $1.03 trillion in the second quarter, the regional Fed bank said in its latest quarterly household debt and credit report. Key Points
Business Today7 ways women can be duped out of their hard-earned money by their spouses, and how they can avoid it
. To help empower and enable women on this Womens Day (8 March), ET Wealth elaborates on the various ways they can be duped out of their hard-earned money by their spouses, and how they can avoid it so that they are not left in the lurch in case the marriage breaks down. Key Points
Economic TimesFinance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home
The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is Sashakt Vyapar Samagra Vikas (Empowered Trade Overall Growth). Key Points
Economic TimesView: India’s growth story may not have a happy ending
Indian households are saving less than they have in 50 years, with net household savings in 2022-23 at only 5.1% of GDP, down from 11.5% before the pandemic. household financial liabilities also rose to 5.8% of GDP. This poses a problem for India's growth as it relies on debt-fueled consumption and government investment. Private sector investment has not fully recovered since the financial crisis, and the government needs to create an environment that encourages private companies to invest and stop taking a large share of household savings. Key Points
Economic TimesHouseholds are saving less and borrowing more, but that's not necessarily a bad thing
Data for 2022-23 shows households’ reliance on borrowings has increased not only to finance consumption, but also to purchase or construct property. Vehicle loans also saw an increase. Key Points
ThePrint
Domestic household savings needs to increase to finance pvt capital formation in economy: Finance Ministry
India needs to bolster domestic household savings to support private sector capital formation, as per the Finance Ministry's Monthly Economic Review. The report anticipates a better current account balance in the ongoing fiscal year due to a reduced merchandise trade deficit and increased net services receipts. However, concerns persist regarding the current account deficit in FY25. Key Points
Economic TimesWhat's in new India's consumption basket: Airpods, playstations, online streaming & more
The government's household Consumption Expenditure Survey (HCES) collected data on items like Playstations, AirPods, and power banks. It also included information on the quantity, value, acquisition, repair, and maintenance of these items. The survey provided insights into changing entertainment patterns and tracked monthly expenditures on sanitisers. Key Points
Economic TimesIndia's household savings can potentially rise by 2.7% by 2030
India's ability to raise growth rates depends on self-financing investment and increasing household savings. Barclays suggests measures like increasing the domestic savings pool, accessing financial markets, and promoting investment, labour force utilization, and export growth. Key Points
Economic TimesIndians are saving less in banks: Where is the money going?
India's net household financial savings have witnessed a sharp decline in FY23, compared to previous years. This indicated that Indians are saving less in their bank accounts. Read on to find out where they are splurging. Key Points
India TodayIndian households' net financial savings falls to 5.1% in FY23 from 11.5% in FY21 as liabilities rise
Indian households' net financial savings fell by up to four percentage points in the past two years, as they built real assets like homes and vehicles. This has raised indebtedness, but economists say their ability to service debt is high compared to many major economies. Official data shows that household net financial savings fell to 5.1% of GDP in 2022-23, well below its long-run annual average of 7.0-7.5%. Key Points
Economic Times
Beware: These 5 household items could land you in legal trouble when thrown in the garbage
Disposing of household items may appear innocuous, yet there are at least five items with notable environmental risks. Incorrectly disposing of these items can result in penalties or, in severe instances, imprisonment. Key Points
Economic TimesBank manager loses Rs 5.10 lakh in cyber fraud while trying to sell household items
A manager in a leading bank lost Rs 5.10 lakh in a cyber fraud while she was trying to sell some household items on an online marketplace, a Nagpur police official said on Sunday. Key Points
The Tribune IndiaNetflix password sharing crackdown begins, extra member to cost $8 a month
Netflix has started cracking down on password sharing and each extra member who can use the service outside your household will need to pay $7.99 extra each month. Key Points
The Tribune India