According to the Reserve Bank of India’s Financial Stability Report (2024), India’s household debt rose to 42% of GDP — a sharp increase from 26% in 2015 — with nearly 55% of this borrowing coming from non-housing retail loans like credit cards, personal and gold loans, reflecting a growing cost-of-living crisis in urban India.
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India’s household debt-to-GDP ratio reached 42.9% in June 2024, reflecting a major shift as over half (about 55%) of these loans are now non-housing retail borrowings like credit cards and personal loans instead of traditional asset-building housing loans.
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Hungarian-British author David Szalay won the 2025 Booker Prize for his novel ‘Flesh,’ a hypnotically tense portrait of a man’s life, beating Kiran Desai’s ‘The Loneliness of Sonia and Sunny,’ who narrowly missed becoming only the fifth double Booker winner in history.
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