Indians have created their own identity in the world by saving money. According to the recent research report of SBI, India is at fourth place in terms of savings. The saving rate of Indians is higher than the global average. Besides, the share of financial savings is also increasing rapidly.
According to the SBI report, in 2014, the share of financial savings like shares and debentures in the total savings of households was 36 percent. This has increased to 52 percent in 2024.
The share of financial investments i.e. shares, debentures and mutual funds in the savings of Indian households is continuously increasing. According to percentage of GDP
Saving rate in India is 30.2 percent
Which is more than the global average of 28.2 percent
In this case, if the saving rate of India is compared with other countries, then
-China’s saving rate is 46.6 percent
-38.1 percent of Indonesia
-31.7 percent of Russia
-18 and a half percent of Brazil
-18.1 percent of America
-And Britain’s saving rate is 17.4 percent
The report shows that Indian families are now showing more interest in mutual funds, share market and other investment options instead of bank deposits and currency. According to statistics, in 2014, only 0.2 percent of GDP was invested in shares and debentures. Which has increased to 1 percent in 2024.
According to SBI report, on an average 3 crore demat accounts are being opened every year in India. Of these, 40 percent investors are below 30 years of age and every fourth investor is a woman. This indicates that the young generation of India is very aware of investment. According to the report
-27.7 percent investors in Maharashtra are women
-And 29.8 percent investors in Delhi are women.
This is a positive change, which is further strengthening the economic condition of the country. Although there was a slight decline in financial savings in 2022-23, this proved to be temporary. Now Indian families are investing their savings in new and modern options. If the government and financial institutions support this trend more, then India can make its place among the top 3 countries of the world in terms of savings.