India’s Gross National Savings (as percentage of GDP) continues to decrease from 32.89% in 2014 to 30.1% in 2018, reported by Quandl. Almost similar data has been reported by World Bank. As per the data provided by Indian Govt., it has been increased from 32.4% in 2014 to 36% in 2017.
On the contrary, World’s Gross Domestic Savings has increased from 25% in 2014 to 28% in 2017.
As per India Ratings, during 2011-12 to 2016-17 (FY12-FY17), the share of the household sector in total saving was 60.93 %, while private corporations accounted for 35 %, and the remaining 4.07 % was from the public sector. According to the report, “the growth of household savings at 3.7% was the lowest among the three broad categories during this period, Economic Times reported. Hence, Household savings, the largest contributor to savings in the economy, plunged to 17.2% of GDP in FY18 from 23.6% in FY12.
Detailed statistics on Indian Economy is available in the Handbook of Statistics on Indian Economy 2017-18 by RBI.
Government continued “Pradhan Mantri Jan Dhan Yojana” to have better access & boost savings of Individuals. A total of 93,000 Crores have been deposited as of Feb. 2019. Many other schemes are under progress as per Economic Times. However, very little achievement has been made.
Considering, the performance of the government is very little, the promise is categorised “Inadequate Progress”
Definition: Gross Domestic Saving is GDP minus final consumption expenditure. It is expressed as a percentage of GDP. Gross Domestic Saving consists of savings of household sector, private corporate sector and public sector.
FY- Financial Year