'Need to channelise household savings into productive capital'

India needs to channelise its huge household savings into productive capital and wean away funds from idle products such as gold and real estate, leading bourse BSE said today.
Speaking at a PHD Chamber event, BSE MD and CEO Ashish Kumar Chauhan said India saves 30 per cent of its GDP and large part of this amount goes into idle products such as gold and real estate.
"We need to channelise this huge saving into productive capital," Chauhan said.
Talking on a seminar on 'Our Role in Current Indian Scenario' he said India has a huge challenge of job creation and broking industry can play a significant role in providing employment.

He further said that India needs to create 1.5 crore new jobs annually for the next 20 years and the broking industry can play a big role in achieving this target.
The industry can play a crucial role by implanting skills, he added.
He emphasised on promoting investment in the capital markets but said Security Transaction Tax (STT) is hurting it. Reduction in STT will help in attracting investments in the capital markets, he added.