Modi govt relaunches Kisan Vikas Patra to wean poor off Ponzi schemes

Admin   |   19 November, 2014   |   1484   |   3980

New Delhi, Nov 18: With a view to raising the rate of domestic savings that are in decline, the government Tuesday re-launched the Kisan Vikas Patra (KVP) investment scheme designed to target the country's poor.



"In the last 2-3 years, the savings rate in the country has declined from a record high of 36.8 percent to below 30 percent due to a slowdown in the economy. It is, therefore, necessary to encourage people to save more," Finance Minister Arun Jaitley said at the launch here of the revamped KVP.



"There is an urgent need to raise savings in the country. These savings are then used for nation building," he added. Besides, KVPs would help poor gullible investors channelise their savings in trusted government scheme instead of Ponzi schemes where hard earned savings disappear, Jaitley said.