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%

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