Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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        LATEST NEWS UPDATES | Indian family budgets are stretched, they’re borrowing more. Faster vaccination can fix this -Ila Patnaik and Radhika Pandey    </title>
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RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.

The second wave of the Covid-19 pandemic and the ensuing lockdown has hit household incomes sharply.

Households..."/>
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RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.

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Households..." />
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    <h1 class="cat-box-title">Indian family budgets are stretched, they’re borrowing more. Faster vaccination can fix this -Ila Patnaik and Radhika Pandey</h1>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.</em></p><p style="text-align:justify">The second wave of the Covid-19 pandemic and the ensuing lockdown has hit household incomes sharply.</p><p style="text-align:justify">Households have survived to a large extent by borrowing. The Reserve Bank of India (RBI) data shows a sharp increase in households borrowing against gold. In addition to borrowing from the formal sector, there will have been borrowing, no doubt, from informal channels, for which there is no data.</p><p style="text-align:justify">The RBI data on credit shows a sharp increase in personal loans. In April, personal loans grew at 12.6 per cent. This double-digit growth in personal loans was driven by an 11.7 per cent rise in vehicle loans, 17 per cent higher borrowings through credit card and a sharp 86 per cent increase in loans against gold jewellery.</p><p style="text-align:justify">Outstanding loans against gold jewellery given by banks rose by 82 per cent to Rs 60,464 crore as of March. In the year-ago period, such loans were at Rs 33,303 crore. In April, the outstanding loans against gold jewellery rose further to Rs 62,238 crore.</p><p style="text-align:justify">The balance-sheet of Indian households is dominated by the presence of physical assets with a high composition of gold.</p><p style="text-align:justify"><em>Pandemic distress</em></p><p style="text-align:justify">The economic distress caused by the pandemic has led to a rise in household indebtedness. Data for debt is only available for the first wave so far.</p><p style="text-align:justify">The <a href="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULLETINMARCH202113071F7DA3F74912BDC44055B5E78E2C.PDF" title="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULLETINMARCH202113071F7DA3F74912BDC44055B5E78E2C.PDF">RBI reports</a> that household debt to GDP ratio rose to 37.1 per cent in the July-September quarter of 2020-21 from 35.4 per cent in the previous quarter of the fiscal.</p><p style="text-align:justify">Data for household debt for the second Covid wave will be available after a few quarters.</p><p style="text-align:justify">Household debt is estimated as households&rsquo; outstanding liabilities towards banks, housing finance companies and non-banking finance companies as a share of GDP. The monthly borrowing data suggests that indebtedness might show a significant increase in this period.</p><p style="text-align:justify">The personal loan data suggests that in the second wave, households are not spending on consumer durables as they did in the first wave.</p><p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/" title="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/">click here</a> to read more.</p>                                                           
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    <br><a href="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/" class="re" target="_blank">ThePrint.in, 11 June, 2021, https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/</a><div class="clear"></div>
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RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.

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    <h1 class="cat-box-title">Indian family budgets are stretched, they’re borrowing more. Faster vaccination can fix this -Ila Patnaik and Radhika Pandey</h1>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.</em></p><p style="text-align:justify">The second wave of the Covid-19 pandemic and the ensuing lockdown has hit household incomes sharply.</p><p style="text-align:justify">Households have survived to a large extent by borrowing. The Reserve Bank of India (RBI) data shows a sharp increase in households borrowing against gold. In addition to borrowing from the formal sector, there will have been borrowing, no doubt, from informal channels, for which there is no data.</p><p style="text-align:justify">The RBI data on credit shows a sharp increase in personal loans. In April, personal loans grew at 12.6 per cent. This double-digit growth in personal loans was driven by an 11.7 per cent rise in vehicle loans, 17 per cent higher borrowings through credit card and a sharp 86 per cent increase in loans against gold jewellery.</p><p style="text-align:justify">Outstanding loans against gold jewellery given by banks rose by 82 per cent to Rs 60,464 crore as of March. In the year-ago period, such loans were at Rs 33,303 crore. In April, the outstanding loans against gold jewellery rose further to Rs 62,238 crore.</p><p style="text-align:justify">The balance-sheet of Indian households is dominated by the presence of physical assets with a high composition of gold.</p><p style="text-align:justify"><em>Pandemic distress</em></p><p style="text-align:justify">The economic distress caused by the pandemic has led to a rise in household indebtedness. Data for debt is only available for the first wave so far.</p><p style="text-align:justify">The <a href="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULLETINMARCH202113071F7DA3F74912BDC44055B5E78E2C.PDF" title="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULLETINMARCH202113071F7DA3F74912BDC44055B5E78E2C.PDF">RBI reports</a> that household debt to GDP ratio rose to 37.1 per cent in the July-September quarter of 2020-21 from 35.4 per cent in the previous quarter of the fiscal.</p><p style="text-align:justify">Data for household debt for the second Covid wave will be available after a few quarters.</p><p style="text-align:justify">Household debt is estimated as households&rsquo; outstanding liabilities towards banks, housing finance companies and non-banking finance companies as a share of GDP. The monthly borrowing data suggests that indebtedness might show a significant increase in this period.</p><p style="text-align:justify">The personal loan data suggests that in the second wave, households are not spending on consumer durables as they did in the first wave.</p><p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/" title="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/">click here</a> to read more.</p>                                                           
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RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.

The second wave of the Covid-19 pandemic and the ensuing lockdown has hit household incomes sharply.

Households..."/>
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RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.

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Households..." />
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    <h1 class="cat-box-title">Indian family budgets are stretched, they’re borrowing more. Faster vaccination can fix this -Ila Patnaik and Radhika Pandey</h1>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.</em></p><p style="text-align:justify">The second wave of the Covid-19 pandemic and the ensuing lockdown has hit household incomes sharply.</p><p style="text-align:justify">Households have survived to a large extent by borrowing. The Reserve Bank of India (RBI) data shows a sharp increase in households borrowing against gold. In addition to borrowing from the formal sector, there will have been borrowing, no doubt, from informal channels, for which there is no data.</p><p style="text-align:justify">The RBI data on credit shows a sharp increase in personal loans. In April, personal loans grew at 12.6 per cent. This double-digit growth in personal loans was driven by an 11.7 per cent rise in vehicle loans, 17 per cent higher borrowings through credit card and a sharp 86 per cent increase in loans against gold jewellery.</p><p style="text-align:justify">Outstanding loans against gold jewellery given by banks rose by 82 per cent to Rs 60,464 crore as of March. In the year-ago period, such loans were at Rs 33,303 crore. In April, the outstanding loans against gold jewellery rose further to Rs 62,238 crore.</p><p style="text-align:justify">The balance-sheet of Indian households is dominated by the presence of physical assets with a high composition of gold.</p><p style="text-align:justify"><em>Pandemic distress</em></p><p style="text-align:justify">The economic distress caused by the pandemic has led to a rise in household indebtedness. Data for debt is only available for the first wave so far.</p><p style="text-align:justify">The <a href="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULLETINMARCH202113071F7DA3F74912BDC44055B5E78E2C.PDF" title="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULLETINMARCH202113071F7DA3F74912BDC44055B5E78E2C.PDF">RBI reports</a> that household debt to GDP ratio rose to 37.1 per cent in the July-September quarter of 2020-21 from 35.4 per cent in the previous quarter of the fiscal.</p><p style="text-align:justify">Data for household debt for the second Covid wave will be available after a few quarters.</p><p style="text-align:justify">Household debt is estimated as households&rsquo; outstanding liabilities towards banks, housing finance companies and non-banking finance companies as a share of GDP. The monthly borrowing data suggests that indebtedness might show a significant increase in this period.</p><p style="text-align:justify">The personal loan data suggests that in the second wave, households are not spending on consumer durables as they did in the first wave.</p><p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/" title="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/">click here</a> to read more.</p>                                                           
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    <br><a href="https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/" class="re" target="_blank">ThePrint.in, 11 June, 2021, https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/</a><div class="clear"></div>
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Indian family budgets are stretched, they’re borrowing more. Faster vaccination can fix this -Ila Patnaik and Radhika Pandey

Published on Jun 11, 2021   Modified on Jun 12, 2021

-ThePrint.in RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority. The second wave of the Covid-19 pandemic and the ensuing lockdown has hit household incomes sharply. Households have survived to a large extent by borrowing. The Reserve Bank of India (RBI) data shows a sharp increase in households borrowing against gold. In addition to borrowing from the formal sector, there will have been borrowing, no doubt, from informal channels, for which there is no data. The RBI data on credit shows a sharp increase in personal loans. In April, personal loans grew at 12.6 per cent. This double-digit growth in personal loans was driven by an 11.7 per cent rise in vehicle loans, 17 per cent higher borrowings through credit card and a sharp 86 per cent increase in loans against gold jewellery. Outstanding loans against gold jewellery given by banks rose by 82 per cent to Rs 60,464 crore as of March. In the year-ago period, such loans were at Rs 33,303 crore. In April, the outstanding loans against gold jewellery rose further to Rs 62,238 crore. The balance-sheet of Indian households is dominated by the presence of physical assets with a high composition of gold. Pandemic distress The economic distress caused by the pandemic has led to a rise in household indebtedness. Data for debt is only available for the first wave so far. The RBI reports that household debt to GDP ratio rose to 37.1 per cent in the July-September quarter of 2020-21 from 35.4 per cent in the previous quarter of the fiscal. Data for household debt for the second Covid wave will be available after a few quarters. Household debt is estimated as households’ outstanding liabilities towards banks, housing finance companies and non-banking finance companies as a share of GDP. The monthly borrowing data suggests that indebtedness might show a significant increase in this period. The personal loan data suggests that in the second wave, households are not spending on consumer durables as they did in the first wave. Please click here to read more.

ThePrint.in, 11 June, 2021, https://theprint.in/ilanomics/indian-family-budgets-are-stretched-theyre-borrowing-more-faster-vaccination-can-fix-this/675742/

Tagged with: Debt burden Covid-19 Vaccination Covid-19 Vaccines Household Debt Consumer Spending Consumer Expenditure Consumer Durables Personal loans Reserve Bank of India RBI Bulletin Loans against gold jewellery Borrowings through credit card Economic Distress Outstanding liabilities

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