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Rural wealth yet to be tapped, says Jaswant

Our Bureau

Mumbai , Feb 20

SECTIONS of financial intermediaries have not tapped rural India, the treasure house of wealth in the country, according to the Finance Minister, Mr Jaswant Singh.

"About 70-80 per cent of rural Indians are much greater savers than the urban ones. The farmer traditionally invests in gold, silver and also places money with the money lender. He has been untapped by mutual funds, insurance companies and markets, " said Mr Singh speaking at the second annual Outlook Money Awards 2003-04 here today.

He conceded that there were questions about the `India Shining' campaign, which showcases the economic progress of the country.

However, Mr Singh said that the current GDP figures underplay the essence of what's happening. "You have to travel through the arteries of India to see the dabhas and some form of economic activity. Most of this cannot be measured by any central statistical organisation," he said.

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