What is happening in this era of urbanization? The average wealth of the rich is 1.5 crores, while the status of the poor is only Rs 2000.

The gap between the rich and the poor is getting deeper in the cities of the country. According to a government survey, the top 10 per cent of urban households in the country have an average asset of Rs 1.5 crore, while the lower class households have an average of only Rs 2,000. The survey conducted by the government shows that the financial gap between the poor and the rich in cities is continuously increasing.

According to the All India Credit and Investment Survey-2019 conducted by the National Statistical Office (NSO) under the Ministry of Statistics and Program Implementation, the situation in rural areas is slightly better than in cities. The top 10 per cent households in rural areas have an average property of Rs 81.17 lakh. The same lower class has assets of only 41 thousand rupees on an average. The survey said that the condition of poor families is better in rural areas than in cities. The average property size of lower class homes in cities is just Rs 2,000.

The survey was done in January-December 2019

The All India Credit and Investment Survey has been conducted under the 77th round of the National Sample Survey (NSS). The survey was conducted between January-December, 2019. Earlier it was done as 70th round in 2013, 59th round as 2003 and 26th round in 1971-72. The main objective of this credit and investment survey was to collect basic quantitative information on the assets and liabilities of households as on June 30, 2018. The survey was conducted among 69,455 households in 5,940 villages in rural areas and 47,006 households in 3,995 blocks in urban areas.

Average loan of 1.2 lakh per city

Earlier, another report of NSO came, according to which the average debt per family in rural India is about 60 thousand rupees whereas in urban India the average debt per family is about 1.2 lakh rupees. In rural India, 35 per cent of the households are burdened with debt, whereas in urban India only 22 per cent of the households have any kind of debt.

More debt burden on agriculture based families

According to this report, the average debt on agriculture-based households in rural India is Rs 74460, while the average debt on non-agricultural households is Rs 40432. The average loan against self employed in urban India is Rs 1.8 lakh and for other households it is Rs 99353. In rural India, 66 percent of the loans are from institutional credit agencies like banks, post offices, while 34 percent of the loans are from non-institutional agencies (professional moneylenders). The share of loans from non-institutional agencies in urban India is just 13 per cent. 87 percent are loans taken from institutional institutions.

More than 50 percent of families in debt

According to the survey report of NSO, in 2019, more than 50 percent of agricultural households were in debt and they had an average debt of Rs 74,121 per family. The survey said that only 69.6 per cent of their total outstanding loans came from institutional sources like banks, cooperatives and government agencies. While 20.5% of the loans were taken from professional moneylenders. According to this, 57.5 percent of the total loans were taken for agricultural purposes. The survey said, “The percentage of agricultural households taking loans is 50.2 percent. At the same time, the average amount of outstanding loan per agricultural family is Rs 74,121.

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