Current Affairs-Topics

Rural India's Financial Leap: NABARD Reveals 57.6% Progress

The NABARD Survey shows that rural India has seen significant financial progress. The average monthly income of rural households increased by 57.6% from 2016-17 to 2021-22, with agricultural households earning slightly more than non-agricultural households.

Income and Expenditure Growth

  • Average monthly income of rural households increased by 57.6% from ₹8,059 in 2016-17 to ₹12,698 in 2021-22
  • Nominal compound annual growth rate (CAGR) of 9.5%
  • Agricultural households earned slightly more (₹13,661) than non-agricultural households (₹11,438)
  • Salaried employment in government or private sector is the largest income source (37%) for all households
  • Average monthly expenditure rose from ₹6,646 to ₹11,262
  • Food's share in total consumption dropped from 51% to 47%

Financial Inclusion and Savings

  • Annual average financial savings increased from ₹9,104 to ₹13,209
  • 66% of households reported saving money in 2021-22, up from 50.6% in 2016-17
  • 71% of agricultural households saved money compared to 58% of non-agricultural households
  • Kisan Credit Card (KCC) emerged as a key tool for financial inclusion in rural agriculture
  • 44% of agricultural households possess a valid KCC
  • 77% of households with land holdings >0.4 hectares or recent agricultural loans have a valid KCC

Insurance and Pension Coverage

  • Households with at least one insured member increased from 25.5% to 80.3%
  • Vehicle insurance most prevalent (55% of households)
  • Life insurance coverage extended to 24% of households
  • Pension coverage increased from 18.9% to 23.5%
  • 54% of households with members over 60 years old receive pensions
  • Agricultural households outperformed non-agricultural ones in insurance coverage by 13 percentage points

Financial Literacy and Borrowing Trends

  • Respondents demonstrating good financial literacy increased from 33.9% to 51.3%
  • Sound financial behavior improved from 56.4% to 72.8%
  • 58% of rural and 66% of semi-urban respondents answered all financial knowledge questions correctly
  • Institutional borrowing among agricultural households rose from 60.5% to 75.5%
  • Non-institutional borrowing decreased from 30.3% to 23.4%
  • Proportion of households with outstanding debt increased from 47.4% to 52%

More Related Articles

Reliance and Nifty50

It is crucial to have knowledge of economic subjects like Nifty50 in order to do well on SSC exams. Nifty50 is an indicator that tracks the stock market performance of the top 50 companies listed

Kallapu-Sajipa Riverfront Road Project

When it comes to building new infrastructure, Karnataka is in the forefront. There are a lot of big initiatives in the state that are boosting the economy and making things more accessible.

India's Manufacturing Vision 2025

India's manufacturing policies have recently gained significant attention as the government seeks to strengthen the country's industrial sector and achieve long-term economic growth. The foc

What Drives the Gold Price Rs 1 Lakh?

Gold prices in India have surged to an all-time high, surpassing the Rs 1 Lakh mark per 10 grams for the first time. This significant rise in the Gold Price of Rs 1 Lakh is linked to various g

India’s GDP Growth Rate Falls to 6.4%

Fitch has revised its 2025 GDP forecast for India from 6.6% to 6.4%, a decrease of 10 basis points. This is the most recent global economic news. While this may not seem like a major drop, it’

Boosting Opportunities in the Gig Economy

India is witnessing a quiet revolution in how employment is created. The announcement of 12 lakh jobs in India by 2025 is a huge step toward redefining the gig and logistics economy. With

Nirmala Sitharaman Presents the 2024-25 Economic Survey – An In-Depth Analysis

The Economic Survey 2024-25 emphasizes India's consistent economic growth, forecasting a 6.4% GDP increase in FY25. Key highlights include controlled inflation, robust trade performanc

MoMSME Unveils TEAM Initiative to Enhance Digital Presence of MSMEs in India

The Ministry of Micro, Small, and Medium Enterprises (MoMSME) has introduced the MSME Trade Enablement and Marketing (TEAM) Initiative, a pioneering initiative designed to strengthen the d

Union Budget 2025: Understanding the Concept of 'Bahi Khata'

The ‘bahi khata’ is a traditional Indian ledger employed for accounting and maintaining records. It is typically a bound book, often covered in cloth, used to track financial t

CRED Introduces e₹ Wallet, Boosting India’s Digital Currency Adoption

CRED has become the first fintech platform to incorporate India’s e₹ wallet, a digital currency supported by the RBI. In partnership with YES Bank, CRED enables users to store and

Toppers

anil kumar
Akshay kuamr
geeta kumari
shubham