The economic effects of rising household debt | Number Theory

Last week, the National Statistical Office (NSO) released the National Account Statistics (NAS) tables for 2025 which has data up to 2023-24. An HT analysis of this data pointed out the trend of rise in household indebtedness but underlined the fact that one must wait for granular data on household debt from sources such as the All-India Debt and Investment Survey (AIDIS) to infer what this exactly means for rich and poor households. The class dynamics within households aside, what are the implications of this trend for the Indian economy at large? Here are four charts which try and answer this question.