Economy Watch – India’s Debt Growth Range Bound In Q3 FY22: Motilal Oswal

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India’s non-financial sector debt grew 11.5% YoY in 3 QFY22/Q4 CY21 (quarter-ending December 2021), slightly lower than the average growth of 12% during the prior three quarters.

Outstanding non-financial sector debt rose to Rs 381 trillion in Q3 FY22. However, it eased to 166.7% of gross domestic product in Q3 FY22, from its peak of 179.8% in Q4 FY21 and 157.9% in Q4 FY20.

Within non-financial sector debt, general government debt (center + states) continued to rise strongly at 16.5% YoY in Q3 FY22, while the non-government non-financial debt grew 6.7% YoY, lower than 7.9% in the previous quarter.

Within the non-government non-financial sector, household debt growth stood at an eleven-quarter high of 15.9% YoY, while non-financial companies’ debt was largely stagnant in Q3 FY22 (in QoQ as well as YoY terms).

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