(a)the percentage of savings in the country as the proportion of Gross
Domestic Product (GDP) on the basis of current prices during the
years 2007-2008 and 2008-2009;
(b)whether the Government has examined the reasons for the decline in
the percentage of savings;
(c)if so, the details thereof and if not the reasons therefor; and
(d)the estimated percentage of savings during the current year?
MINISTER OF STATE IN THE MINISTRY OF FINANCE(SHRI NAMO NARAIN MEENA)
(a) : As per the Quick Estimates of the Central Statistical Organization,
gross domestic saving (GDS) in 2008-09 was 32.5 per cent of GDP (at current
market prices) as against a level of 36.4 per cent of GDP (at current market
prices) in 2007-08.
(b) & (c) : As a proportion of GDP (at current market prices), the fall in
the rate of GDS was mainly composed of fall in the rate of savings of public
sector from 5.0 per cent in 2007-08 to 1.4 per cent in 2008-09 and private
corporate sector from 8.7 per cent in 2007-08 to 8.4 per cent in 2008-09. The
fall in the level of savings of the public sector reflects the expansionary
fiscal stance to obviate the adverse impact of the global financial and economic
crisis. In respect of household sector, the rate of saving remained at the same
level of 22.6 per cent of the GDP in 2007-08 and 2008-09.
(d) : The estimates of gross domestic saving for the years 2009-10 and 2010-11
have not yet been made available by the Central Statistical Organization.