The article in the Hindu (and also in the Economic Times) today. has highlighted the (Sudden) need to bring down the interest rate. It is highly condemnable. What will be the position of senior citizens who have no other income and are dependent only in this 9.00% plus (or near) interest rate. if it is lowered where will they go? (Begging?) If you lend at a lower rate many business people (both deserving and undeserving) will borrow and only expand their luxuries and hence will not contribute anything to spruce up the economy. Europe tried this model and nothing happened and their economy has worsened further. Luxuries increased and so also the cost of maintaining the same. This led to wasteful expenses and it damaged the economy around Europe. The Senior citizen pension claimed to be given by the Govt., is meager is is of no use. The Govt., has lowered the price of Petrol and Diesel (and NOT LPG which is used by all) and yet all other prices of essential commodities are shooting up. Medical expenses for all including cost of medicines are also going up multi fold. Now electricity tariff is going to be increased soon. Who will help a law abiding low key quiet citizen? I Hope the central govt., does not do anything harsh and spoil the livelihood of many Interest dependent Senoir Citizens.
Posted on: Thu, 06 Nov 2014 13:02:57 +0000
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