Stressing that the savings by joint families in India has contributed for the country’s growth, noted economist S Gurumurthy on Saturday said that Indian families were expected to make a whopping deposits to the tune of `8 lakh crore as savings this year.
He said the savings contributed by the families in the country was estimated to be 29 per cent. The Union Government was borrowing Rs 6.5 lakh crore based on these savings this year, he added.
Pointing out that a few European countries, including Italy and Spain, were under severe financial crisis, he said these countries were unable to borrow money thanks to the lack of savings habit among their citizens.
“A report suggests that the savings of Indian families in 2016 would shoot up to Rs 40 lakh crore every year. Except for India, no other nation in the universe has experienced such a robust economic growth without foreign investments,” he underscored.
Gurumurthy said the strong cultural and spiritual values in India has translated into its economic strength. India’s culture and lifestyle were the source for its economy, he added.
India was able to successfully survive the economic slowdown of 2008 even as the USA was affected largely. Another reason for India not experiencing critical economic slump was that only two per cent of the savings were made in the share market while the rest were in banks, real estate and gold, he stated.
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