Full-year numbers show India’s savings growth lagged behind the likes of the U.S., the U.K. 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. “If so, the contribution of pent-up demand in growth recovery would also be limited in India compared with other nations." 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.

Source: Mint May 08, 2021 00:51 UTC