VELLORE: A country’s savings rate determines its future. Only a few countries can compete with India’s savings rate, which is more than 30 per cent, according to G. Viswanathan, Chancellor of VIT University.
“Probably, China is better than us. Once a country has enough domestic savings, it can boost the income of the country. When there was financial crisis in the Western countries, India did not face such problems owing to savings,” he said at a programme held to present the Amazing Entrepreneur Award to Arokiaswamy Velumani, chairman of Thyrocare Technologies Limited, Mumbai, on Wednesday.
Noting that India was moving forward, he pointed out that 50 per cent of the country’s population was less than 25 years of age. He stressed on the need to aim at a per capita income of at least 10,000 dollars from the current 2,000 dollars.
“We have all the resources. There should be an honest government and honest citizens,” he said, adding that as of now, only the fixed income group paid income tax.
He said that this was why the Prime Minister took a bold step in the form of demonetisation to make people move away from non-accounts to accounts. The Chancellor also said that spending on health and education was crucial as that would ensure that poor people were taken care of.
Mr. Velumani, in his speech, laid emphasis on the need to stay focused to be successful. Among others, D. Ashok, Dean, VIT Business School, was present.