Middle-class Indian households are “borrowing to consume and not build”, fintech entrepreneur Ashish Singhal has said amid a debate that a culture of financial restraint is changing.
“Our parents’ generation didn’t like loans. If you couldn’t afford it, you didn’t buy it. That India is gone,” Singhal said in a Linked post, noting that household debt per person has climbed to Rs 4.8 lakh, up from Rs 3.9 lakh two years ago. The worrying part, he said, is that this debt is rising faster than income. Singhal is the founder of wealth technology platform PeepalCo and cofounder of CoinSwitch, a crypto exchange.
