Economy News
Consistent increase in household savings, deposits essential for India’s economic growth

A three-and-a-half-feet-tall pure golden idol of Lord Vishnu studded with hundreds of diamonds, rubies and other precious stones; An 18-feet-long pure gold chain and a gold sheaf weighing 500 kg; A 36-kg golden veil and 1,200 gold-coin-chains encrusted with precious stones; Several sacks full of golden artefacts, necklaces, diamonds, rubies, sapphires and emerald. If you are still clueless about what exactly the above description alludes to, it is the veritable treasure trove hidden inside the six vaults of Padmanabha Swamy Temple at Trivandrum, Kerala. The bounty is worth an estimated $22 billion and this excludes a vault that is yet to be opened, purportedly holding precious gold and jewellery worth at least another Rs 1 trillion, by conservative estimates. These are based on valuations done a decade ago and would definitely be worth more today. To put it in perspective, the stock worth almost Rs 2 trillion will suffice to meet the capital shortfall requirements of our public sector banking space in its entirety.

News Source:- https://www.financialexpress.com/economy/consistent-increase-in-household-savings-deposits-essential-for-indias-economic-growth/2329999/