NABARD All India Financial Inclusion Survey (NAFIS)

NABARD All India Financial Inclusion Survey (NAFIS)

Highlights of NAFIS 2016-17

Income

•     Agricultural households, which accounted for 48% of rural households, earned Rs 107,172 during 2015-16 from cultivation, livestock, non-farm sector activities and wages/salaries. Thus, farmers’ income grew at a compounded growth rate of 12% per annum compared to Rs 77,112 per annum as per NSSO assessment in 2012-13.  The income levels for 19 out of 29 states are above all India average and 15 states recorded annual compound growth of above 10.5% between 2012-13 and 2015-16.

•     Agricultural households earned 34% of their income from cultivation. Wage earnings contributed the same proportion to the income followed by salaries (16%), livestock (8%) and non-farm sector (6%). Other sources accounted for the rest.

•     Non-agricultural households reported average annual income of Rs 87,228 majorly contributed by wages (54%), followed by salaries (32%) and non-farm sector activities (12%).  Agricultural households earned 23% more than non-agricultural households.

Savings & Investment

•     88.1 per cent of the households reported having a bank account.

•     33% households reported more than one savings account

•     26% of HH have women with institutional (including SHG) savings account 

•     55 per cent of agricultural households reported any savings during the last year and of these 53 per cent saved with institutions like banks, post offices and SHGs. 

•     Average savings per annum per saver households was reportedly Rs 17,488, of which 95 per cent is with institutional agencies

•     10.4 per cent of agricultural households also reported investment with the average investment per investing agricultural households was reportedly Rs 62,734.

•     For all investments amounting more than Rs 10,000 in the year, 60% of the amount was funded through borrowings from either institutional or informal sources.

      Debt

•     Incidence of Indebtedness (IOI), measured as proportion of households reporting outstanding debt on the date of the survey, is 52.5% for agricultural households and 42.8% non-agricultural households were reportedly indebted at the time of survey.  All India IOI taking all rural households together stands at 47.4%.

•     Average amount of outstanding debt (AOD) for indebted agricultural households is reportedly Rs 1,04,602 as on the date of the survey. Debt outstanding for indebted non-agricultural households is reportedly Rs 76,731. Overall extent of indebtedness taking all households combined is Rs 91,407.

•     43.5% agricultural households reported to have borrowed any money during last year from some source or the other. 60.4% of them reportedly borrowed from institutional sources exclusively.  Further, 30.3% borrowed from only informal sources and 9.2% of agricultural households borrowed from both sources. 56.7% of Non-Agricultural households and 58.6% of all households borrowed from institutional sources during last year.

•     During the year 2015-16, a borrowing Agricultural households reportedly availed a loan of Rs 107,083 from various agencies, 72% of which was availed from institutional sources including MFIs and SHGs. 69% of borrowings of all households and 65% of non-agricultural households were from institutional sources.

Insurance and Pension

•     About 26% of agricultural households and 25% of non-agricultural households reported to have been covered under one or the other type of insurance

•     Among agricultural households who reported to have taken any loan for agricultural purposes in the last one year [2015-16] from institutional agencies, 6.9% reported being covered under crop insurance.

•     The coverage under any type of pension was reported to be about 18.9 % for non-agricultural households as against 20.1 % for agricultural households

•     When assessed for type of pension received, 32% of all households with senior citizens reported being covered by old age pension.