Since majority of Indians are poor and their forefathers were also poorer, and difficult to get employment if lost they try to save to take care of future. Still in the case some category of people addicted to liquor and lottery their lives are miserable. In fact lottery and liquor ruined many families inspite of good income also. Though main head of the family is addicted to lottery and liquor, other members suffer due to poor education and quality of life. Seeing this in many cases former Karnataka BJP- JD(S) government banned both lottery and liquor to encourage savings habit instead of wasteful spending on liquor and lottery. Best method of savings is post office deposits like recurring PPF etc. Unforunately Congress-JD(S) government thinking that they can get loans from Banks at cheaper rate stopped registrations of new National Savings Agents. I feel this is the greatest injustice to the country and poor people. Inspite of protests present day Karnataka Government has not bothered to allow even senior citizens, widows and disabled to get agencies. I consider this as a great injustice done by the Karnataka Government. Even representations to the Governor had not brought justice. B S GANESH BANGALORE
( Posted: Thursday , February 07, 2008 at 14:56 )
Karthik
How could we save money for our future when Govt even taxes the AIR we breath? Govt is greedy and has done nothing for honest tax payers and hard workers. It always rewards corrupt and Lazy people.
( Posted: Thursday , February 07, 2008 at 11:22 )
Satish
Yes that is true because, Taxes,housing, education etc are costing so much that people hardly save anything.Even if you manage to save, they are taxed too! This is the root situation. Now we should see how our financial experts take steps to encourage people to save.
( Posted: Thursday , February 07, 2008 at 10:36 )
himanshu
With the advent of credit cards and so many different kind of loans the service class generally believes in making assets through debt and then repaying the EMIs through their monthly income. Instruments like Life insurance etc. are very long term in nature and do not offer adequate returns (especially when viewed in light of inflation) to lure people into saving through PFs, FDs NSC etc.
( Posted: Thursday , February 07, 2008 at 10:25 )
Vijay devulapalli
First I must talk about the taxes in India, we pay generally 1/3 of what ever we earn towards Income – Tax, now we also have service tax, which is every increasing every year takes a good hit on one’s income. Also the middle class to face ever increasing inflation, the rates of pluses, vegetables, rent, interest rates, school fees etc.. are increasing. If you are living in any of the cities, the minimum school fee per child is around Rs 5,000 a month. Also we don’t have any concept of social security fund (prevalent in US), when we earn in India we pay taxes, when we don’t earn government will not take care of us, not even for basic necessities such as food etc..
With our income’s in India to expect people to save for survival for more than 1 year without any source of Income is sheer stupidity, if they want people to save like that, then please reduce taxes, service tax and reduce interest rates on housing loans, reduce prices of essential goods, then people will have enough money to save. Without doing all these how can one expect people to save, when the survival itself is becoming difficult.
Also, insurance is not a saving, its for unforeseen events, in case of sudden death of an earning individual, the family will get some thing in return for future needs, I know for a fact that none of the insurance companies / agents sell / encourage selling of term policies, as the premium rates are minimum. They only want endowment policies where, the premium rates are higher, risk cover is less and returns for insurance companies is much more, why can’t the premium rates for endowment policies be lower by way of an law?.
With current incomes, increasing inflation and interest rates to expect people to save more is just impossible.
( Posted: Thursday , February 07, 2008 at 10:14 )
Add Your Comment
Do not be rude to other users/authors or disrupt an ongoing conversation/debate. Do not use ethnic slurs, engage in personal insults or use objectionable language. Criticism, when constructive and non-disruptive is always welcome. Comments with links in them won't be published other than in cases of rare exceptions. Comments that include personal details such as postal addresses and telephone numbers will not be published. Keep the comments relevant to the topic as much as possible. Do not impersonate another reader or a public figure. Do try to use English to write your comments.
Please enable javascript in your browser to use this form.
Disclaimer
All the content posted under the 'Comments' category are made by the readers of CNN-IBN, unless specified otherwise. CNN-IBN is not responsible for the opinions of the readers and the content posted by the readers are not representative of the views and opinions of CNN-IBN.
Do not be rude to other users/authors or disrupt an ongoing conversation/debate.
