**Executive Summary**
This document responds to Unstarred Question No. 2959 in Lok Sabha, to be answered on December 17, 2025, regarding rising household debt after COVID-19. It provides data on household financial assets and liabilities as a percentage of India's GDP from March 2020 to March 2024. The Ministry of Statistics and Programme Implementation (MoSPI) conducts surveys and publishes data related to household debt and investment.
**Key Points / Main Content**
* **Data on Household Financial Assets and Liabilities (as percentage of GDP):**
* The document includes a table presenting the stock of household financial assets and liabilities from March 2020 to March 2024.
* Financial Assets: Increased from 85.5% of GDP in March 2020 to 106.2% in March 2024.
* Financial Liabilities: Increased from 34.7% of GDP in March 2020 to 40.2% in March 2024.
* **Trends in Household Finance:**
* Household financial liabilities have increased by approximately 5.5 percentage points between March 2020 and March 2024.
* Household financial assets increased by 20.7 percentage points during the same period.
* The net financial position of households (assets minus liabilities) has improved as of 2023-24.
* **All India Debt and Investment Survey (AIDIS):**
* MoSPI conducts the All India Debt and Investment Survey (AIDIS) to gather quantitative data on household assets and liabilities.
* Previous rounds of AIDIS were conducted in 2019 and 2013 as part of the National Sample Survey (NSS).
* AIDIS findings are publicly available on the MoSPI website.
**Impact Analysis**
**Ministry of Statistics and Programme Implementation (MoSPI)**
* **Impact:** Responsible for answering parliamentary questions and providing relevant data on household finances. They are also responsible for the All India Debt and Investment Survey (AIDIS).
* **Action Required:** Continue conducting and publishing AIDIS data, maintain public access to this information through the MoSPI website.
**Parliament / Lok Sabha / Minister of Statistics and Programme Implementation**
* **Impact:** Receives and reviews the data and analysis regarding rising household debt.
* **Action Required:** Review the data provided to assess the situation and determine if further action or policy changes are needed.
**General Public/Households**
* **Impact:** Affected by the trends in household debt and financial assets.
* **Action Required:** No action required, but may find the information useful for understanding their own financial situation in relation to national trends.
Key Entities Referenced
All India Debt and Investment Survey (AIDIS): A survey conducted by the Ministry of Statistics and Programme Implementation (MoSPI) to collect information on the assets and liabilities of households.
Ministry of Statistics and Programme Implementation: The primary ministry responsible for providing data and information related to statistics and program implementation in India, and responsible for the AIDIS survey mentioned in the text.
GDP: Gross Domestic Product; used as a benchmark to compare household financial assets and liabilities.
GOVERNMENT OF INDIA
MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION
LOK SABHA
UNSTARRED QUESTION NO. 2959
TO BE ANSWERED ON 17.12.2025
RISING HOUSEHOLD DEBT AFTER COVID-19
2959. MS SAYANI GHOSH:
Will the Minister of STATISTICS AND PROGRAMME
IMPLEMENTATION be pleased to state:
(a) whether it is a fact that household financial debt has been rising
at a much faster rate than household financial assets with debt
growth reportedly doubling compared to pre-COVID-19 levels and
if so, the details thereof;
(b) the details of the total household debt, household financial
liabilities added each year and household financial assets added
each year all expressed as a percentage of India’s GDP, year-
wise since 2014;
(c) whether it is true that the share of financial assets added by
households as a percentage of GDP has been consistently
declining in the post-pandemic period indicating weakening
household balance sheets and if so, the details thereof; and
(d) whether the Government has conducted any assessment on the
reasons behind rising household indebtedness including
stagnant wages, high cost of living, inflationary pressures and
inadequate social protection and if so, the details thereof?
ANSWER
MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF
STATISTICS AND PROGRAMME IMPLEMENTATION; MINISTER OF
STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF PLANNING
AND MINISTER OF STATE IN THE MINISTRY OF CULTURE [RAO
INDERJIT SINGH]
(a) to (d): The year-wise details of the latest available data on the
stock of household financial assets and liabilities as a percentage of
GDP are given below:Table 1: Stock of Household Financial Assets and Liabilities (as per
cent of GDP)
March-20 March-21 March-22 March-23 March-24
Financial Assets 85.5 115.2 107.8 103.5 106.2
Financial Liabilities 34.7 39.1 36.5 38 40.2
Source: RBI
The stock of household financial liabilities has increased by about 5.5
percentage points from March 2020 to March 2024, while the stock of
household financial assets has increased by 20.7 percentage points
during the same period. Thus, the net financial position of the
households (stock of assets minus stock of liabilities) has improved as
of 2023-24.
Further, Ministry of Statistics and Programme Implementation (MoSPI)
has been conducting All India Debt and Investment Survey (AIDIS) to
collect basic quantitative information on the assets and liabilities of
the households. The previous two rounds of AIDIS have been
conducted during the period January to December, 2019 and January
to December, 2013 as part of 77th and 70th rounds of National Sample
Survey (NSS) respectively. The findings of these surveys have been
released and are available in public domain at the website of MoSPI.
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