The Hindu Business Line : Low interest rates gave a boost to economy, says Jaswant Singh

Replying to a query on the impact of low interest rate regime on pensioners and elderly people, at a press conference here on Tuesday, he said, "We will continue to find means and methods for this section as a valid economic concern."

Terming low interest rate as one of the tools for finding balance between social security system, lending and savings, he said that this regime had helped boost economic growth in the country. This has helped trade and commerce to make a good progress in their respective spheres.

Stressing the need for maintaining the current economic growth, he hoped that India could become an economic superpower earlier than expected, provided the present growth rate is sustained. The Government has set 2020 deadline for becoming an economic superpower.

Asked about the interim budget proposals of making kisan credit cards compatible to ATMs where as most of ATMs are situated in urban and semi-urban areas, he said that the banking sector is gradually extending this facility to rural areas also.

Giving details of the various schemes of the Government, he said that farmers and housewives have expressed their happiness over these schemes. The schemes have provided "garib ke pet me daana" (food for the poor) and "gruhini ke batuae me aana" (money in housewife's purse).

Stating that there has been a 10.4 per cent growth in the GDP during the third quarter of the last financial year, he said, "When we had earlier spoken about the eight per cent GDP growth per annum, it was scoffed at by some of the Opposition leaders."

When told that Securitisation Act could be applied to non-banking financial companies, Mr. Singh said that the Reserve Bank of India was seized of the matter and would take appropriate decision.

On tax concessions to salaried class people, he said that it was part of the recommendations of the Pay Commission. Salaried people are prompt in paying their tax and they do reserve special attention, he added.

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