Continues
from the previous post -
Due to large
population of India and limited resources as being a poor country,
the government cannot be expected to take on such a large
responsibility. In such an eventuality, we should expect that our
government allow its citizens to fend for them selves by higher rates
on deposits they put in banks. Here we see that our government is not
mindful of this situation and keeps on copying developed countries
with social security facility by reducing interest rates on bank
deposits of citizens. This amounts to double compression of citizens
and makes living impossible particularly old and senior citizens with
no other source of income. Bank deposits is so far the most popular
investment mode public believes and it is not wrong, as banks are
easily accessible to everyone as most have their savings accounts in
banks. Government with support of most gambler groups forces funds of
public to other ways such as mutual funds, shares, debentures but
working of these is not within the understanding power of public they
are not popular. Government has no right to do such an undemocratic
stance.
The first paragraph
of this charter states as given above. "Everyone,
as a member of society, has the right to social security and is
entitled to realization, through national effort and international
co-operation and in accordance with the organization and resources of
each State, of the economic,
social and cultural rights indispensable
for his dignity and
the free development of his personality". To get these achieved
without social security provision we need an alternative arrangement
and the only feasible arrangement possible is higher rates on
deposits.
Continues
in the next post –
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