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OBCs most indebted
Indebtedness is not just confined to the farming community. The Average Indian seems to be indebted, according to a report – Debt and Investment in India for 2013 – released by the National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation, Government of India NSSO.
In urban areas, they showed highest incidence of indebtedness
- As a whole, 31% of total rural households and 22% of urban households reported debt (cash loan) outstanding
- Incidence of indebtedness highest among OBCs among them, says NSSO survey
- 35.7% in urban India and 26% in rural areas reported outstanding debt
Hyderabad: Indebtedness is not just confined to the farming community. The Average Indian seems to be indebted, according to a report – Debt and Investment in India for 2013 – released by the National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation, Government of India NSSO.
Around 31 per cent of rural households and 22 per cent of the urban households reported debt (cash loan) outstanding. The average amount of debt (AOD) for a rural household was Rs 32,522 and that for an urban household was Rs 84,625. Among the social groups in rural India, the incidence of indebtedness (IOI) was the highest for Other Backward Classes (OBCs). About 35.7 per cent of OBCs reported outstanding debt. The tribals in rural India had the lowest share of indebted families and lowest average amount of debt.
Even in urban India, OBCs had the highest incidence of indebtedness. About 26 per cent of OBCs in urban India reported indebtedness. The results of the survey show that non-institutional agencies played a major role in advancing credit to the households, particularly in rural India.
