A rate cut will add to the misery - The Hindu

A rate cut will add to the misery - The Hindu



An excerpt from the article by C R L Narasimhan:

"One rank one pension

Only central government employees are lucky to get one rank one pension benefit as their pension is automatically revised. Unfortunately this is not applicable to other public sector undertakings including the RBI.
The corporates and even the government are of the view that the Reserve Bank of India should announce a reduction in lending rate. However, the household savings are coming down steeply since independence.
This is because successive governments are bothered about the cost of borrowing and not the incentive for saving.
With the increase in cost, the savers (mostly senior citizens) are left high and dry. Rightly the interest should be able to cover inflation. But the reality seems to be otherwise.
All consumers including senior citizens are required to pay cost of goods plus excise duty and VAT on the consumer goods purchased by them out of the taxed come (gross income minus income tax ) thereby paying multiple taxes.
It is hoped that the monetary policy review will have a para or two on the saving class and how at the broadest level households need be provided with the right incentives.".........
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M G Warrier

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