PPF Interest Rate Cut: Government surrounded by cuts in interest rates of small savings schemes, know why decision was taken back


new Delhi: Controversy has started over the Modi government’s decision to withdraw the decision to cut the interest rates of small savings schemes. Finance Minister Nirmala Sitharaman has called the decision of deduction a mistake taken. Due to which the dispute increased further, but the real reason for the withdrawal of the decision is something else. If we look at the government figures, it becomes clear that the real reason for the withdrawal of the decision is the Bengal elections.

According to the data of the National Savings Institute, an organization working under the finance ministry, if we look at the total contribution of states in different savings schemes in post offices and banks, it is found that the people of West Bengal would have invested the most money in these savings schemes. Huh.

What do the figures say?

According to the data, during 2017-18, the people of Bengal contributed Rs 89,991 crore to these schemes. This contribution was 15.09 percent of the contribution of the entire country. At the same time, the total contribution of Bengal in 2016-17 was Rs 71,669 crore, which was 14.32 percent of the total contribution. During 2017-18, Uttar Pradesh (69,660 crore) was at second place while Maharashtra (63,025 crore) was at number three.

Apparently, in such a situation, the decision to cut for the Modi government could have been a huge loss for the BJP in the assembly elections of five states, especially Bengal. Perhaps this is the reason that the declaration of withdrawal of deduction had to be made within just 14 hours of the issuance of the order of deduction.

Though the Finance Minister has termed it as a mistake, sources knowing the functioning of the Finance Ministry say that before taking this decision, the Finance Minister consulted with various institutions and people, including the RBI and gave its approval. Huh. The order is taken out only after the approval of the Finance Minister.

Also read:
Government surrounded by interest rate: Sitharaman said – Accidentally passed order, Rahul-Priyanka asked- ‘robbery or lapse’

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