ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Growth without Saving

IT is interesting to find the finance minister pleading with the rich to abstain from conspicuous consumption and save more instead. In his keynote address to the 'Dynamic Asia' conference of the International Chamber of Commerce in New Delhi, Manmohan Singh declared that India had to step up its saving rate from the present 20-22 per cent of GDP to over 30 per cent like in China". Since the government could not expect the poor to further tighten their belts, the additional saving had to come from those who had the means. While India should emulate western management techniques and inventiveness, we should not copy their consumption habits.

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