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Details |
| 1. Increase in Average Monthly Income |
• Average monthly income increased by 57.6% from Rs. 8,059 in 2016-17 to Rs. 12,698 in 2021-22, indicating a nominal CAGR of 9.5%.
• Agricultural households earned slightly more, with an average income of Rs. 13,661, compared to Rs. 11,438 for non-agricultural households.
• Salaried employment was the largest income source for all households, accounting for approximately 37% of total income.
• For agricultural households, cultivation was the main income source, contributing about one-third of their monthly earnings.
• For non-agricultural households, government/private services contributed 57% of the total household income. |
| 2. Rise in Average Monthly Expenditure |
• Average monthly expenditure increased from Rs. 6,646 in 2016-17 to Rs. 11,262 in 2021-22.
• Agricultural households had higher expenditure at Rs. 11,710, compared to Rs. 10,675 for non-agricultural households.
• In states like Goa and Jammu & Kashmir, monthly household expenditure exceeded Rs. 17,000.
• Overall, agricultural households demonstrated both higher income and expenditure levels than non-agricultural households. |
| 3. Increase in Financial Savings |
• Annual average financial savings rose to Rs. 13,209 in 2021-22 from Rs. 9,104 in 2016-17.
• 66% of households reported saving money in 2021-22, up from 50.6% in 2016-17.
• 71% of agricultural households reported savings, compared to 58% of non-agricultural households.
• States with 70% or more households saving money include Uttarakhand (93%), Uttar Pradesh (84%), and Jharkhand (83%).
• States with less than half of households reporting savings are Goa (29%), Kerala (35%), Mizoram (35%), Gujarat (37%), Maharashtra (40%), and Tripura (46%). |
| 4. Kisan Credit Card (KCC) Usage |
• 44% of agricultural households possessed a valid Kisan Credit Card (KCC).
• Among those with land holdings greater than 0.4 hectares or who had taken agricultural loans from banks in the past year, 77% had a valid KCC. |
| 5. Insurance Coverage |
• Households with at least one member covered by any form of insurance increased from 25.5% in 2016-17 to 80.3% in 2021-22.
• 80.3% means that four out of every five households had at least one insured member.
• Agricultural households had higher insurance coverage than non-agricultural households by about 13 percentage points.
• Vehicle insurance was the most prevalent, with 55% of households covered.
• Life insurance coverage extended to 24% of households, with agricultural households showing slightly higher penetration (26%) compared to non-agricultural ones (20%). |
| 6. Pension Coverage |
• Households with at least one member receiving any form of pension increased from 18.9% in 2016-17 to 23.5% in 2021-22.
• Overall, 54% of households with at least one member over 60 years old reported receiving a pension.
• Pensions included old age, family, retirement, or disability pensions, highlighting their importance in supporting elderly members of society. |
| 7. Financial Literacy |
• Respondents demonstrating good financial literacy increased from 33.9% in 2016-17 to 51.3% in 2021-22, a rise of 17% points.
• Individuals exhibiting sound financial behavior increased from 56.4% to 72.8% during the same period.
• When assessed on financial knowledge, 58% of rural respondents and 66% of semi-urban respondents answered all questions correctly. |