WIRE — Yes, this deserves much greater attention from policymakers. India's household debt-to-GDP ratio has increased from around 20% to nearly 45%, which is a substantial jump. That increase in borrowing is supporting consumption-led growth. Even in the United States, GDP growth is largely driven by consumption, supported by housing loans, credit cards and personal loans. India appears to be moving in that direction. While financial savings remain sizeable in absolute terms, net household financial savings have declined significantly, and that should concern everyone
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