Indian values tied to economic growth: Gurumurthy
By Express News Service - CHENNAI
05th August 2012 08:19 AM
-
Columnist S Gurumurthy at DAV School in the city| Express photo
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.
Addressing a gathering on the occasion of the 28th annual day celebrations of DAV School in Adambakkam, 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.
L Ganesan, BJP National Executive Member, appreciated the school authorities for instilling patriotism among the students.
Post a Complaint
Recent Activity
- For team Rahul, it’s good politics that will yield rich dividends for poor Indians
- Four years of UPA-II
- Nine years as PM: What will be Manmohan Singh's legacy?
- Maharashtra’s aid to digitise rare manuscripts in Thanjavur
- 'Climate change may spell disaster for coastal economy'
- Lanka’s woman Thavil players fading away
- Pakistan's answer to electricity shortages: Don't wear socks
- All dead, no vultures fly in Andhra now!
- BSNL Ernakulam posts Rs 390-crore turnover
- CM can go his way: Ramesh Chennithala
- Chennai Super Kings beat Mumbai Indians, reach IPL finals
- Incredible India! Cuppa at Rs 1,200 is Chiru’s idea of sustainable tourism
- Suriya storms ahead of Vijay, Ajith online
- Names of UPA ministers will surface in IPL spot-fixing: Swamy
- Yasin Malik’s support for Sri Lanka Tamils a sham
- Knowledge and faith
Comments(6)
This point I am hearing for the first time, and a valid point. I was wondering how with all our shortcomings, and government's mediocre performance, India was not affected by the economic slow down. Our conservative nature, and age old habits only finally come to the rescue. Thanks for the information. But the point is government and economic pundits would like people to invest money in the volatile markets. I have tried my hand with mutual funds, and a few shares; results disappointing only.
Posted by gopalan at 08/05/2012 20:51 Reply to this Report abuse
What does he mean by 'Indian' values? While it is good to save money in any country, i have a question for this 'famous' RSS man. If 'Indian' values are so great, Why are 48% of kids in India suffering from Starvation, without any food to eat? (these are the words of Manmohan Singh, not mine! Do you have any answer Sir???
Posted by Venkat at 08/06/2012 03:21 Reply to this Report abuse
u r missing the point. Point he makes is saving money is an indian culture and that has insulated us from meltdown. Now, if u r knowledgeable than this famous rss man, u r free to explain why this particular indian culture of saving money than spending on credit is not a positive contributor for our economy during meltdown. Instead, u r asking an unrelated question about poverty. I am sure he will answer that if he sees your msg, or may be he has answered that in one of his thousands of other articles and speeches. But not many read articles of famous rss men, do they? relax smarty.
Posted by Informed at 08/06/2012 08:33 Reply to this Report abuse
Obviously, without Indian values the number of hungry would increase. Furthermore, why are you wasting time worrying about the wretched filthy malcontents who are a burden on society?
Posted by indian at 08/23/2012 11:05 Reply to this Report abuse
By the way, Venkat, have you ever asked Manmohan Singh why India exports its food while Indians are hungry?
Posted by Indian at 08/23/2012 11:08 Reply to this Report abuse
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."---- What a refreshing statistics! It is amazing that how the innate common sense intelligence of the common man and woman - that is you and I among them -- has seen through stealing game of the SHARE PUSHERS. Share market is the most obnoxious and celebrated gambling den with mindless participation from the 'clever' and protection and adoration from the Nobel Prize grade dishonest, cheating market economists. Only people loving RSS mind can put things in perspective for the overall good of our people. Let the 'clever' rootless universalist floaters and selfish, callous secularists play the share market.
Posted by saahas at 08/06/2012 10:58 Reply to this Report abuse