Who exactly knows a thing or two about the importance of small savings schemes? We have a habit of saving even a short amount of money for our odd rainy days. We had no qualms about putting saved money where we consider it will remain safe.
Our wisdom allows us to deposit savings at the banks. It is most often observed that the post office or the nationalised bank is preferred. But if the amount of savings does not earn substantial interest, the habit of savings begin to fade away, as people point.
Whether the recent day decision to lower the rate of interest was boldly hasty or openly mistaken, the outcome remains amply satisfactory following the reversal of the decision. It was not too delayed. The sagacious Finance Minister appears to have swiftly understood the opposite inverse of a shift in interest rate, though more sane Subramanian Swamy said it was the PMOs edict.
It was reported that BJPs Rajya Sabha MP Subramanian Swamy had said that the decision to sensationally rollback the slash in interest rates on PF savings was of the Prime Minister’s Office and not that of the Finance Minister Nirmala Sitharaman. This was after Sitharaman faced widespread public ridicule for terming the government order reducing the interest rates on PF savings an “oversight” as she announced the rollback.
Congress party’s Priyanka Gandhi criticising the FM for the sudden initiative said that it was, in fact, hindsight. “Really @nsitharaman’ oversight’ in issuing the order to decrease interest rates on GOI schemes or election driven ‘hindsight’ in withdrawing it?” tweeted Priyanka Gandhi.
Sooner the feeling heaved the minister’s soul for retreating to the prior position. A Twitter user termed the act of change and afterwards reversal as a Fool’s Day prank. Yet, how could it be regarded as prankish?
Strangely enough, the assembly elections in West Bengal and other states are continuing and the adverse impact could not altogether be neutralised. This minor point could not be disregarded. It might have been pondered over to let it go like something done in a hurry or oversight.
वित्त मंत्रालय के तहत काम करने वाली संस्था नेशनल सेविंग्स इंस्टीट्यूट के आंकड़ों के मुताबिक अगर पोस्ट ऑफिस और बैंकों में अलग-अलग बचत योजनाओं में राज्यों का कुल योगदान देखें तो पता चलता है कि पश्चिम बंगाल के लोग इन बचत योजनाओं में सबसे ज्यादा पैसा निवेश करते हैं (According to the data of the National Savings Institute coming under Finance Ministry, the people of West Bengal come at the topmost in investing their money in small savings schemes).