The record
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- Nabard's latest rural survey found that only 27.7% of rural households reported income growth over the past year, the lowest since the survey began, while 52.6% saw no change.
- The findings come amid rising inflation and a deficient monsoon, with kharif sowing down 6% from last year.
- Households are also increasingly turning to informal credit such as friends, relatives and moneylenders, though consumption spending has so far remained largely resilient.
- Economists cited in the report call this an early warning of rural stress and stress the need for non-farm rural jobs.
What to watch next
- Monsoon rainfall and kharif sowing progress in the coming weeks
- Confirmation from wage, employment and consumption data over coming months
- Whether reliance on informal credit continues to rise in future survey rounds
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Named India · Bank of Baroda · Emkay Global Financial Services · Finance Ministry · Harsh Kumar · India Meteorological Department · Madan Sabnavis · Madhavi Arora · National Bank for Agriculture and Rural Development
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