Half Of Country's Working Population In Debt: CIC Report 

According to a CIC report, nearly half of the country's working population is in debt. Till January 2021, 20 crore people have taken loans in some form or the other in the retail loan market.

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Mumbai: A Credit Information Company (CIC) report on Tuesday revealed that nearly half of the country's working population of 40 crores is in debt, with at least one loan or credit card.

According to the TransUnion CIBIL report, loan locations are fast approaching their satisfaction levels for new customers. The report further said that according to an estimate, as of January 2021, the total working population of India was 40.07 crores, while 20 crore had taken loans in some form or the other in the retail loan market.

Loan Market To Grow Among 40 Crore People In 18-33 Age Group

In the last decade, banks have given priority to retail loans, but after the pandemic, concerns are being expressed about the growth of this segment.

According to the CIC data, there is a potential for growth of the loan market among the 40 crore people in the 18-33 age group in rural and semi-urban areas and the loan penetration in this segment is only 8%.
 
Pandemic Affects People's Income

The coronavirus has created chaos in the country since last year and the second wave has proved to be worse than the first one. Due to the second wave, where millions of people were infected with the virus, people's income has taken a major hit. 

The Center for Monitoring Indian Economy (CMIE) completed a survey of 1.75 lakh households last month. In the survey, only 3% of the families experienced an increase in their incomes, while 55% said that their income has decreased. There were 42% who said that their income remained the same as last year.