Morning Buzz: Household savings fall to five-decade low, pension outgo may rise to Rs 17 lakh crore, and more
Here are the top business headlines this morning to get your day started
Falling or stagnant household incomes were the main reason for increasing borrowings. Image: Shutterstock
Household savings fall to nearly 50-year low
Financial savings of households fell to a five-decade low of 5.1 percent of GDP in FY23, down from 7.2 percent in FY22. The annual financial liabilities rose to 5.8 percent of GDP compared to 3.8 percent in FY22 pointing to increasing reliance on loans for short-term consumption. Falling or stagnant household incomes were the main reason for increasing borrowings.
(Mint, Financial Express)
Pension outgo may rise to Rs 17 lakh crore under old pension scheme
The decision by some states to revert to the old pension scheme may put a cumulative burden of 4.5 times that of the national pension scheme. By 2050, the outgo under the old pension scheme could rise to Rs 17 lakh crore as opposed to Rs 4 lakh crore under the national pension scheme. A few states like Jharkhand, Punjab, Himachal Pradesh and Chattisgarh have announced a move back to the old pension scheme.
(Indian Express)
Total plans 50:50 JV with Adani Green
Total Energies is close to investing $300 million in a 50:50 JV with Adani Green Energy to house 1 GW of renewable energy projects. The decision will be announced in a few days. Total Energies holds a 19.75 percent stake in Adani Green. The promoters hold 56.27 percent. In July, Adani Green said it would raise Rs 12,300 crore after selling a stake to institutional investors.
