You might have expected that a period when people’s incomes take a hit, and when companies lose business, would see also a fall in household savings and corporate profits. Well, you would have expected wrong. It turns out that household financial savings, usually about 10 per cent of GDP, were more than twice that level in the first quarter of this financial year (April-June). This, at a time when people were losing jobs and suffering pay cuts.
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First Published: Fri, November 13 2020. 19:49 IST