Rural consumption spent on food47.0%
2023–24
data.indiadispatch.com
Household finances
Confidence, consumption, savings, credit, insurance, remittances and housing trace how Indian households absorb the economy.
Food took 47% of rural spending and 39.7% of urban spending in 2023–24
Average monthly per-capita consumption was ₹4,122 ($43.1) in rural India and ₹6,996 ($73.1) in urban India.
What households spend on
| Category | Rural share | Urban share |
|---|---|---|
| Cereals | 5% | 3.8% |
| Pulses | 2% | 1.4% |
| Sugar and salt | 0.9% | 0.6% |
| Milk and milk products | 8.4% | 7.2% |
| Vegetables | 6% | 4.1% |
| Fruits | 3.9% | 3.9% |
| Egg, fish and meat | 4.9% | 3.6% |
| Edible oil | 2.8% | 1.8% |
| Spices | 3.3% | 2.3% |
| Beverages and processed food | 9.8% | 11.1% |
| Pan, tobacco and intoxicants | 3.8% | 2.4% |
| Fuel and light | 6.1% | 5.6% |
| Education | 3.2% | 6% |
| Medical | 6.8% | 5.9% |
| Conveyance | 7.6% | 8.5% |
| Consumer services | 5.3% | 5.7% |
| Miscellaneous goods and entertainment | 6.2% | 6.9% |
| Rent | 0.6% | 6.6% |
| Taxes and cesses | 0.2% | 0.3% |
| Clothing and footwear | 6.6% | 5.7% |
| Durable goods | 6.5% | 6.9% |
data.indiadispatch.com
Source: Ministry of Statistics and Programme Implementation, India Dispatch Research
Urban households spent 70% more per person than rural households in 2023–24
The gap was 84% in 2011–12. These are nominal monthly figures, so their growth over time is not a measure of inflation-adjusted living standards.
Monthly consumption per person₹4,122$43.1
2023–24
data.indiadispatch.com
Top 10% share of consumption20.7%24.6% in 2011–12
Rural India
data.indiadispatch.com
Highest-spending 5%₹1,088$11.4 per person each month
2023–24
data.indiadispatch.com
Fastest growth among major statesTamil Nadu10.7% a year, nominal
2011–12 to 2023–24
data.indiadispatch.com
Source: Ministry of Statistics and Programme Implementation, India Dispatch Research
Households added ₹19.94 trillion ($208 billion) in net financial savings in 2024–25
Net savings are financial assets acquired less new financial liabilities. Quarterly flows can be negative for individual instruments even when the annual total is positive.
Net savings₹6.74 trillion$70.5 billion
March 2025
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Urban and rural confidence both weakened in July 2026
The RBI’s current-situation index fell to 88.3 in cities and 91.7 in rural and semi-urban India. A reading below 100 means pessimistic responses outnumber optimistic ones.
Urban current-situation index88.3
July 2026
Urban, latest round −2.4 pointsRural, latest round −3.5 points
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
The consumer credit index rose 7 points in a year to 104 in March 2026
The Credit Market Indicator combines demand, supply, consumer behaviour and repayment performance. A higher reading indicates stronger conditions.
Credit Market Indicator104
March 2026
One year +7 pointsOriginations, one year +40%
data.indiadispatch.com
Source: TransUnion CIBIL, India Dispatch Research
Retail credit reached ₹170.2 trillion ($1.78 trillion) in March 2026
The total comprises ₹118.6 trillion in consumption loans and ₹51.6 trillion in sole-proprietor loans. Every product row below is a subset of this wider bureau-defined portfolio.
Outstanding balances
₹ and USD
All retail loans₹170.2 trillion$1.78 trillion
+4.6% quarter on quarter+16.6% year on year
Consumption loans₹118.6 trillion$1.24 trillion
+4.5% quarter on quarter+15.3% year on year
Gold loans₹18.6 trillion$194 billion
+15% quarter on quarter+50.4% year on year
Home loans₹44.4 trillion$464 billion
+3.4% quarter on quarter+9.4% year on year
Personal loans₹16.5 trillion$172 billion
+3.7% quarter on quarter+12.9% year on year
data.indiadispatch.com
Source: CRIF High Mark, India Dispatch Research
Private-sector credit reached 102.3% of GDP in India, against 140.3% in the US in the fourth quarter of 2025
The Bank for International Settlements measures credit to businesses and households from banks and other lenders. The comparison is adjusted for breaks and uses the same definition for both countries.
India, all lenders102.3%
fourth quarter of 2025
India, all lenders 102.3%India, banks 62.5%US, all lenders 140.3%
data.indiadispatch.com
Source: Bank for International Settlements, India Dispatch Research
Non-food bank credit grew 18.3%, against 9.3% a year earlier in June 2026
Non-food bank credit is the RBI’s headline lending measure excluding food-procurement credit. The table separates household borrowing from credit to agriculture, industry and services.
Non-food bank credit growth18.3%
June 2026
data.indiadispatch.com
Credit growth by sector
| Sector | Now | A year earlier | Change |
|---|---|---|---|
| Non-food credit | 18.3% | 9.3% | +9 points |
| Agriculture | 16.8% | 6.8% | +10 points |
| Industry | 19.2% | 6.3% | +12.9 points |
| Services | 21.4% | 8.8% | +12.6 points |
| Personal loans | 15.8% | 11.7% | +4.1 points |
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Gold-backed loans grew 69.3%, the fastest pace in non-bank credit in June 2026
Non-bank financial companies, or NBFCs, reported ₹59.31 trillion ($620 billion) in total credit. Loans against gold accounted for ₹3.41 trillion ($35.7 billion).
Annual credit growth by sector
data.indiadispatch.com
Credit outstanding
| Sector | Outstanding | One year |
|---|---|---|
| Agriculture | ₹796.84 billion$8.33 billion | +17.9% |
| Industry | ₹22.04 trillion$230 billion | +6.7% |
| Services | ₹7.7 trillion$80.5 billion | +17.6% |
| Retail loans | ₹25.62 trillion$268 billion | +20.3% |
| Housing loans | ₹8.44 trillion$88.2 billion | +11.4% |
| Vehicle loans | ₹6.24 trillion$65.2 billion | +15.2% |
| Loans against gold | ₹3.41 trillion$35.7 billion | +69.3% |
| Consumer durables | ₹722.01 billion$7.54 billion | +46.8% |
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Bank credit is growing 19.3% year on year
Credit growth, the credit-deposit ratio and banks’ government-security holdings come from the same RBI balance-sheet release.
Bank creditYear-on-year growth
19.3%
data.indiadispatch.com
Bank balance sheetsCredit-deposit ratio and government bonds
Percent · ₹ and USD
Credit-deposit ratioG-sec investments
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Indians sent $2.4 billion abroad in May 2026
The Liberalised Remittance Scheme lets resident individuals send up to $250,000 abroad in a financial year for permitted transactions.
Outward remittances$2.4 billion
May 2026
One month +4.8%One year +3.6%
data.indiadispatch.com
Where outward remittances went
| Purpose | Value | One month | One year |
|---|---|---|---|
| Travel | $1.28 billion | +10.8% | −7.7% |
| Investments | $364 million | +52.4% | +246.5% |
| Family maintenance | $289 million | −12.1% | −10.4% |
| Gifts | $202 million | −25.5% | −13.6% |
| Deposits | $118 million | +24.6% | +116.1% |
| Studies abroad | $92.6 million | −31.3% | −38.2% |
| Property | $35.8 million | −27.3% | −14.2% |
| Medical treatment | $4.92 million | +46% | −26.8% |
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Life insurers wrote 2.3 million new policies in July 2026
First-year premium was ₹470.05 billion ($4.91 billion). It counts only policies written during the month.
First-year premium₹470.05 billion$4.91 billion
July 2026
One month +1.1%One year +20.7%
data.indiadispatch.com
Policies written2.3 million
July 2026
One month +6.8%One year +0.9%
data.indiadispatch.com
Largest life insurers by new premium
| Insurer | Premium | One year | Policies |
|---|---|---|---|
| Life Insurance Corporation of India | ₹279.94 billion$2.93 billion | +23.8% | 1.43 million |
| SBI Life | ₹38.99 billion$407 million | +2.5% | 202,039 |
| HDFC Life | ₹35.28 billion$369 million | +15.5% | 107,072 |
| ICICI Prudential Life | ₹23.01 billion$240 million | +20.7% | 58,376 |
| Aditya Birla Sun Life | ₹19.02 billion$199 million | +177.1% | 35,482 |
| Bajaj Life | ₹13.86 billion$145 million | +20.4% | 74,685 |
| Axis Max Life | ₹12.52 billion$131 million | +19.2% | 74,126 |
| Tata AIA Life | ₹10.66 billion$111 million | +14.2% | 96,781 |
| Kotak Mahindra Life | ₹8.35 billion$87.3 million | +22.8% | 23,996 |
| PNB MetLife India | ₹5.48 billion$57.3 million | +13.3% | 34,141 |
data.indiadispatch.com
Source: Insurance Regulatory and Development Authority of India, India Dispatch Research
Life insurance premiums equalled 2.7% of India’s economy in 2024–25
Life insurers collected ₹8.86 trillion ($92.6 billion) during the year. New business and premiums on existing policies are kept separate.
Total life-insurance premium₹8.86 trillion$92.6 billion
2024–25
Life premiums / GDP 2.7%Life premium / person $72Non-life premiums ₹3.12 trillion
data.indiadispatch.com
All coverage580.65 million
2024–25
Retail policies 60.15 millionAll coverage 580.65 million
data.indiadispatch.com
Insurance across markets2024
Premiums / GDP and per person
India
- Life / GDP
- 2.7%
- Life / person
- $72
- Non-life / GDP
- 1%
- Non-life / person
- $25
US
- Life / GDP
- 2.7%
- Life / person
- $2,300
- Non-life / GDP
- 9.4%
- Non-life / person
- $8,000
China
- Life / GDP
- 2.4%
- Life / person
- $313
- Non-life / GDP
- 1.9%
- Non-life / person
- $245
World
- Life / GDP
- 3%
- Life / person
- $388
- Non-life / GDP
- 4.3%
- Non-life / person
- $555
data.indiadispatch.com
Source: Insurance Regulatory and Development Authority of India, India Dispatch Research
Property registrations
Mumbai registered 53,925 property conveyances and agreements for sale in the first 4 months of 2026–27
The current financial-year total runs through July 2026 and is kept separate from completed years. 2025–26 closed with 150,707 registrations and ₹139.9 billion ($1.46 billion) in stamp duty.
Completed-year registrations150,707
2025–26
data.indiadispatch.com
Source: Maharashtra Department of Registration and Stamps, India Dispatch Research
Home prices
Home prices rose 4.2% in the year to the fourth quarter of 2025–26
The Reserve Bank of India’s all-India index covers 18 cities. Growth was 0.2% from the previous quarter and 3.8% in the same quarter a year earlier.
House Price Index115.9Base year 2022–23 = 100
Quarter on quarter+0.2%Quarter 4, 2025–26
Year on year+4.2%3.8% a year earlier
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Housing credit
Home-loan balances reached ₹44.4 trillion ($464 billion) in March 2026
Balances grew 9.4% from a year earlier and 3.4% from the previous quarter.
Quarter on quarter +3.4%Year on year +9.4%
data.indiadispatch.com
Source: CRIF High Mark, India Dispatch Research