Indian households to save $9.5tn by 2035: Goldman Sachs
By 2035, Indian households are expected to channel nearly $9.5 trillion into financial assets, according to Goldman Sachs.
This means more people are moving money from things like gold and property into financial products—think bank deposits, insurance, and mutual funds.
The share of these savings in India's GDP is predicted to rise from 11.6% (over the last decade) to 13%.
More savings in financial products means more fuel for growth
More savings in financial products means more fuel for India's growth engine.
Goldman Sachs sees over $4 trillion going into long-term options like pensions and retirement funds, with another $3.5 trillion landing in banks and nearly $0.8 trillion flowing into stocks and mutual funds.
This could help companies invest more at home, boost the bond market, and get more everyday people involved in investing.
GST reforms could further boost consumption, GDP
On top of all that saving, upcoming GST tax reforms might make buying things simpler and cheaper—potentially adding nearly ₹2 lakh crore in annual consumption and bumping up GDP by about 0.6%.
All together, these changes put India on track for steady economic growth.