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  • How can India solve its growing debt problem?
  • How can India solve its growing debt problem?
    Business Insider (2014) ©
REPORT

Why Indians will put anything on credit

India was once a cash economy governed by middle-class values. If you didn’t have it, you didn’t spend it. Thanks to credit cards and a young generation that expect the finest things in life, India has a debt problem. But what opportunities can ‘putting it on credit’ bring?

Location India

Scope
India is now one of the top 15 countries in terms of highest household debt, a situation that’s in stark contrast even to just a decade ago. [1] Before the country opened up its doors to multinationals in the 1990s, who swooped in and transformed India from a largely socialist economy to a capitalist, consumerist one, household debt barely existed. Since then, however, consumer debt in India has exploded.

It’s not just a numbers shift, but a mindset change. Until the ‘90s, India was largely a cash economy governed by middle-class values. If you didn’t ...

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