It’s been a year and a half since I moved in with Corona. This atrocity has changed the whole world. There is a lot of pressure on the world economy. Financially weak people are feeling that pressure the most. In this changing economy, the world of investment has also changed. Corona’s outbreak caused a major collapse in the Indian stock market at first. Later, the lockdown slowed down and the production wheel started turning. In the hope that the economy will recover in the future, it began to accelerate. One example after another is being created. The Sensex, which was at 52,000 on August 2, fell to 56,000 on September 3. In fact, two indices, the Sensex (56,305) and the Nifty (18,38), set new records last week. Investors in equity-based funds have also seen the unit price (NAV) increase from 70% to 100% in almost every project in this market boom.
In this situation, some investors have changed their investment patterns. The steady rise of the stock market has drawn many into stocks and mutual funds. However, it should not be forgotten that more or less 95 percent of the investors are still in the world of interest. They depend on various projects of banks and post offices. As a result, even though the stock market is showing the face of profit for the investors, the anxiety of the majority of the people is increasing in this age of low interest. Banks, post offices and other interest rates have plummeted as prices of essential commodities skyrocketed during the crisis. As a result, it is not possible for them to overcome the price increase in the reduced interest income.
At the time of Corona’s arrival, the post office’s small savings projects had suffered major setbacks. On April 1, 2020, the interest on senior citizen saving scheme, kisan vikas patra, post office interest rate, post office scheme, post office monthly income scheme, nsc interest rate, PPF, NSC, Senior Citizens Savings Scheme was well cut. The interest rate has been reduced from 6% to 7.4% in the Prime Minister’s Boyobandana Pension Scheme. On the other hand, from February 2019 to May last year, the Reserve Bank of India reduced the repo rate by 225 basis points to 4 percent. Banks reduce this rate so much that they reduce the same amount or in some cases even more interest on their various projects. As a result, the pressure of high inflation is increasing the anxiety of a large number of people who depend on interest.
One more thing needs to be mentioned in this context. Although the rate of inflation in the retail market has come down slightly, it is still 5.59%. The yield on 10-year bonds has risen sharply to around 7.2 percent. All in all, it is expected to increase the interest in such a situation. But in reality it is seen that when the price of the product goes down, the interest is reduced, but if it goes up, it is not always increased. Exactly the same allegations in the case of fuel oil prices. If the price of crude oil rises in the world market, the way the price of oil rises in the country, the opposite does not happen so quickly.
In fact, the government’s goal is to further reduce interest. That was revealed in the official notification on March 31 before the second wave of Corona. There was a decision to cut a lot of interest in one fell swoop, but it was withdrawn within 24 hours. Probably because of the five state elections. 30 September October-December quarterly interest announcement. People are worried, interest will not be reduced again!
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