"To my mind, there is no greater cardinal sin in finance than misuse of the common man's hard earned savings. "It is a pity that this is so often eroded," he said, but was quick to add this problem crops up across the world. Calling for encouraging savings if credit were to grow, Parekh said the savings rate at 30 percent of GDP has been showing a declining trend over the past decade. "Yes, we are facing short-term challenges, particularly on consumption growth, but these appear to be cyclical and not a deep-rooted malaise. "Parekh said there is no other major economy that currently has the capacity to absorb the scale of investments that India needs or has the growth potential that we have.

Source: Economic Times October 11, 2019 05:37 UTC