What's behind a dramatic fall in Indian families' savings

For decades, India has been a nation of savers. They stash away a significant portion of their earnings for future security, often at the expense of current consumption.

But something seems to be amiss now. Recent data from the Reserve Bank of India says India's net household savings stood at a 47-year-old low. Household net savings are the total money and investments families have, like deposits, stocks and bonus, minus any money they owe, like loans and debt.