Why India’s steady sovereign bond yields should not be read as a sign that everything is okay
The report’s own survey of major banks found that loan originations and, tellingly, loan defaults are concentrated among households earning below ₹10 lakh a year, which is precisely the segment with the least room to absorb a shock. The fastest-growing are gold loans, up 42% annually since 2024, driven mostly by existing borrowers pledging jewellery at higher prices to roll over old debt.
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