The deposit rates need to be increasedThe Modi administration is extremely notorious for reducing interest rates on deposits; it has seldom if ever, allowed the deposit rates to be increased, even if the economy was seen to be moving in the right direction. This has done maximum injustice to the common man. All advice of world-class economists to allow the increase the deposit rates have fallen on deaf ears. In the BJP, they have one Dr.Subramaniam Swami, who is a simply world-class economist. He had openly advocated an increase in deposit rates. This has fallen on deaf ears and someone who is not even a pale shadow of the brilliant Dr.Swami is the Finance Minister. She never listens to anybody.
The senior citizens and the common people deserve more than what they have now. They cannot be puppets in the hands of the Government. The deposit rates should be increased immediately and this will mean increased money in the hands of people, who will at least keep buying more things, even if it were to give some fillip to the unorganized sector. For example, if I can get a good, but the local brand of potato chips for the same cost, but with a larger quantity than the organized Lays, which comes from Pepsico, I will settle for the former. But I need the money. And for this, the deposit rates have to increase.