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The proportion of rural households that reported outstanding debt has grown from 47.4 per cent in 2016-17 to 52.0 per cent in 2021-22, even as their average monthly income jumped 57.5 per cent in the same period, the latest All India Rural Financial Inclusion Survey (NAFIS) 2021-22 by Nabard said today. The survey showed that the average monthly income of rural households increased from Rs 8,059 in 2016-17 to Rs 12,698 in 2021-22.
This means a nominal compounded annual growth rate (CAGR) of 9.5 per cent, which is higher than the average annual nominal GDP growth of 9 per cent during the same period, the survey said.
The average monthly expenditure of rural households too has increased from Rs 6,646 in 2016-17 to Rs 11,262 in 2021-22, the survey showed.
As per the 77th Situational Assessment Survey (SAS) of NSO, the average monthly income of agricultural households increased from Rs 6,426 in 2012-13 to Rs 10,218 in 2018-19, which is an increase of 59 per cent. However, both NAFIS and SAS are not strictly comparable in terms of their processes.
The NAFIS survey, which was conducted amongst more than a lakh households, collected information on economic and financial indicators of rural India as of 2021-22. The first NAFIS survey was done in 2016-17 (July to June). The reference period of the current NAFIS for most questions is July to June 2021-22 agricultural year.
Around 56.7 per cent of the households surveyed for the report were agricultural households while the rest were non-agricultural households.
Nabard defines an agricultural household to be one with a value of produce of more than Rs 6,500 from agriculture and allied activities, and having at least one member self-employed in agriculture during the reference agricultural year 2021-22.
It defines household income as net income, which is derived by adding income from all sources for a particular household and then by deducting the expenses incurred on pursuing income-generating activities.
Meanwhile, the survey among other things also showed that between the two NAFIS of 2016-17 and 2021-22, the average size of land possessed has come down in rural India from 1.08 hectares to 0.74 hectares.
The survey also said that the share of food in the consumption basket of rural households declined from 51 per cent in 2016-17 to 47 per cent in 2021-22.
The annual average financial savings made by rural households increased to Rs 13,209 in 2021-22 from Rs 9,104 in 2016-17, and 66 per cent of households reported to have saved in 2021-22, as against 50.6 percent in 2016-17.
The survey also found that the proportion of agricultural households that took loans from institutional sources only increased from 60.5 per cent in 2016-17 to 75.5 per cent in 2021-22 (the corresponding increase for non-agri households was from 56.7 per cent in 2016-17 to 72.7 per cent in 2021-22).
The proportion of households with at least one member receiving any type of pension (old age, family, retirement, disability, etc.) increased from 18.9 per cent in 2016-17 to 23.5 per cent in 2021-22.
First Published: Oct 09 2024 | 8:56 PM IS
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