Nov 16, 2006 :: Indian women caused the economic boom
R Vaidyanthan in an insightful article in BusineesLine today, says the Indian housewife is the real hero and reason for the current economic boom. Braving shortages, inflation and inefficient services she has saved enough and put the money into education, housing and healthcare. If India’s savings rate rose from 8% in 1960s to the current 30%, it is because she has refused to be become a wasteful consumer and instead put her money away to be saved. While politicians and tycoons have been lauded for reforms and enterprise, not many realise that it is her frugality that led to great capital formation.
The article sets out revealing data in tables. Since 1950, the household sector’s savings has consistently exceeded those of the government, corporates and foreign investors. And that doesn’t even include the gold the housewife buys and puts away as insurance against hard times.