Indian households are saving less than they have for half a century. According to the Reserve Bank of India, net household savings in 2022-23 — the Indian financial year runs from April to March — were only 5.1% of gross domestic product. That’s down from 8% of GDP in 2019-20 and 11.5% in the year the pandemic hit. These are levels not seen since the oil crises of the 1970s. The debt burden of Indians is also increasing. Household financial liabilities rose sharply to 5.8% of GDP in the last financial year. The ratio had stood at 3.8% the previous year. This is a problem. If a country does not save, it does not grow. It is increasingly hard to see where India’s growth momentum will come from.