He stressed the urgent need for raising the domestic rate of savings
Union minister for finance, corporate affairs and information and broadcasting, Arun Jaitley (left) with minister for communications
New Delhi: With country’s saving rate down, finance minister Arun Jaitley on Tuesday asked people to increase their domestic savings and invest it in small government savings schemes including Kisan Vikas Patras.
Mr Jaitley re-launched the popular KVPs, which was stopped by the UPA. The government is also hoping that KVPs will be able to wean people away from gold, which is impacting country’s current account deficit.
The finance minister said that in last few years due to slower rate of economic growth, the rate of domestic savings had come below 30 per cent while it had once touched the peak of 36.8 per cent. He stressed the urgent need for raising the domestic rate of savings.
“Money invested therein is being used for undertaking various development activities in the country for the benefit of the people at large,” said the finance minister.
However, Mr Jaitley warned that people need to be careful from privately run ponzi schemes which are both unsafe and risky even though offering little higher rate of interest.
He said that this many times also results in loss of their hard earned income. He said that they may rather go for the government run small savings schemes which are safe, simple and easy to access.
( Source : dc correspondent )
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