Full-year numbers show India’s savings growth lagged behind the likes of the US, the UK and Japan, he said. “A slower rise in household savings, coupled with similar or slower decline in consumption, confirms weak income growth in India,” Gupta said. A study by Pew Research Center has shown an estimated 75 million people slipped into poverty since the pandemic began. Duvvuri Subbarao, a former governor of India’s central bank, said the strife faced by the informal-economy workers could hurt India’s long-term growth prospects. He fled recently to his home town of Gorakhpur in northern India to start a tire business, for which he’s waiting for a loan.

Source: The Edge Markets May 08, 2021 04:52 UTC