I read the news “Rajan has bad news for savers: Deposit rates set to fall”
What Rajan says makes a lot of sense, in ‘economic theory’. I doubt if even his father, a retired bureaucrat, would give him pass marks.
I cannot imagine what would life for me and my wife would have been like, had we not had the kind of financial backing that we do have. And, to boot, we spend almost Rs.50,000 average a month, on medical support. My heart attack cost a half million rupees. And, I get a job-related pension of Rs. 936/- p.m. I pay taxes of all kinds like any other earning person, no concession even for spending on medicines. My source of income is return on savings, either as dividends on shares or FD interest.
As long as there is little or no social security arrangement provided for senior citizens – like in Europe or US – the country has to grin and bear this dichotomy in interest rates. Am sure GOI will turn down Rajan’s suggestion to reduce interest on NSC etc., it will be hugely unpopular, will have serious political fall-out. Look at the way the Govt. capitulated before the ex army personnel, also the recent Pay Commission Report, which catapulted Govt. salaries, what has Rajan to say on these.
The bottom line, tax rates need to be reasonable, savings should be encouraged, to take care of capital needs for economic development, minimum-level social security is a must, health care needs to be provided free or very cheap, and education at all levels made absolutely free.
K.V.Narayanmurti
http://www.thehindu.com/news/cities/mumbai/rajan-has-bad-news-for-savers-deposit-rates-set-to-fall/article7937855.ece?utm_source=Vuuklemail&utm_medium=Email&utm_campaign=Newsletter
About 1929 Viewpoint - An Octogenarians Voice - K.V.Narayanmurt
1929 Viewpoint - An Octogenarians Voice - K.V.Narayanmurt is a tribute to our father, the genius!
Born in New Kalpathy (Palghat) into a traditional Hindu family, Shri. K.V. Narayanmurti went on to do a Bachelor’s degree in english literature and then went on to law school. His father was a renowned Sanskrit scholar and Josier (Astrologer) , who learnt under the Travancore Maharaja for 12 years. Under his father’s guidance Shri Narayanmurti learnt Sanskrit and at a very young age knew the verses and subtleties of Bhagavat Gita and became an admirer of Lord Shri Krishna. In fact, father and son carried on conversations/debates in Sanskrit using verses, each trying to out do the other.
Shri Narayan Murti held Board level position and worked very closely with the Larsen and Tubro founders, Mr. Henning Holck-Larsen and Mr. Soren Kristian Toubro, knowing both Danes, personally. Later, he went on to work for GEC as Managing Director of their wholly-owned subsidiary Indian Transformers Limited.
After retirement, Shri Narayanmurti went on to set up a legal practice in Corporate Laws. Life Membership at the Vidya Bhavan had him guiding them with starting the Bhavan’s Vidya Mandir, while also being a professor at Vidya Bhavan teaching courses on Indian Culture to industrial relations. He continuously bought books on wide range of topics from Vedanta to Hindu Philosophy and had a library of over 3000 books, many of which he read and gifted to family and friends. Very knowledgeable in south Indian Classical music and an ardent fan of the greats like M.D. Ramanathan and Madurai Mani Iyer, he was very active in organizing the Festival of India Series in Cochin for a number of years. He has read and reveiwed a number of books for The India Express. A savvy investor, Narayanmurti has also has turned around many companies and businesses. He continues to be a formal and informal advisor to several industrialist and government bureaucrats heading major organizations often getting involved in resolving very complex issues in corporate laws and industrial relations. He is a seasoned negotiator and has tackled very tough/complex situations very successfully especially in the areas of labor management and unions. His performance in the law college earned him a rank and also the admiration of many professors and law students who later continued their relationship, as they became eminent jurists in the State High Courts and Supreme Courts. He has a wide network of admirers’ world over.
1929 Viewpoint - A Nonagenarian`s Voice 