Retirement will be biggest driver of saving
Bhubaneswar: India’s economy grows on a faster pace and it create numerous opportunity for assest and wealth creation. Inspite of that, Saving mentality of Indian arenot growing at desired rate. As per an estimate, by 2030 more than 30 croe Indian will be above age of 60. If they do not save qdequately of the old age, then they will forced to deprive many things in their live. In coming years post retirement pressure among people will force them to save more. Retirement will be biggest driver of saving in India as said by Mr. Debasis Mohanty, President and Country head-Retail sales and Investor management service, UTI Asset Management co.ltd.
He told this in 2nd Retail Saving Opportunity Conclave, 2017 organised by Indian Chamber of Commerce (ICC) at Hotel New Marrion, Bhubaneswar. Attending as a guest he said that, “It will be more easier to save more in future. Technology going to play crucial role for making financial service make available at door step of cumtomer. People can save more while they are in home. In future, They will not have to visit financial institution branches as they are now doing now. The also urges people engaged in various business activities must save more to avoid any kind of financial shocks.”
Today, 87% aged people have no source of income. They forced to be dependent on their children’s income source, which create pressure both on them and their children. Only one third Indian are saving for their future necessity. Half of them go for bank FD, Mutual Fund and Insurance, etc. Rest of the people cosnume their money in Gold and Real Estate, “ He added.
After demonetisation, investment in Mutual Funds growing many fold. But still 87% of Mutual Fund investors are cororate. Only 13% are retail investors. Though journey of China’s MF industry started late as compared to India, But now they are far ahead of us, “ Mr. Mohantry told.
In India 108 crore people have bank account, 57 crore have Insurance policy and 32 crore have PAN card.
Cheif Guest of the event, Doctor Sarat Kumar Mallick, CGM, SEBI, Said that, “SIP become a popular option for reail investment anong general peple. When a person prepare himself for saving, he must take short-term and long-term financial goeals into consideration. He must understand the risk, liquidity and security option the savings.”
Mr. Atanu Sen, Expert Committee of Banking, ICC gives welcome address. He also discuss various aspects of saving in India and way forward. Mr. Laxmi Prasad Das discussed about importance of Insurance in someones life. Mr. Sidharth Dhal, Resident Director, ICC proposed vote of thanks.