Worried Indians are saving more during the pandemic despite layoffs and salary cuts ...Middle East

Indians are worried about their finances, as per one economic parameter, at least.Since the onset of the Covid-19 pandemic in India, households in the country have been saving more than they did before, reflecting a sense of conservation in anticipation of rainy days. These savings have gone up despite the fact that job losses and pay cuts have been on the rise.Indian households’ savings—including cash, bank deposits, and investments—remained higher than 13% of GDP (pdf) for the most part of fiscal 2021, as compared to around 11% in fiscal 2019 and fiscal 2020, each. During April-June 2020, the number had risen to as much as 23% as India was under one of the strictest lockdowns in the world

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