Puducherry: Chief Minister N. Rangasamy appealed to the youth to develop the habit of saving and said they should keep the money in deposits under different savings schemes.

Distributing shields to government departments that had mobilised good savings on the occasion of the World Thrift Day celebrated by the Department of Planning and Research of the Puducherry government here on Monday,

Mr. Rangasamy said the Union Territory had been able to acquire more funds under the plan allocation from the Planning Commission because of the good amount of savings mobilised by the government.

Higher than last year

He said during 2005-2006 as much as Rs.199.5 crore was mobilised under the savings scheme, which was higher than the previous year's performance.

Against the Rs.810 crore available under the annual plan in 2005-2006, the Union Territory was sanctioned Rs.1410 crore during the current fiscal by the Planning Commission.

He said attractive slogans and promises of higher interest rates made by some non-banking companies were to be taken with a pinch of salt as the basic security for the hard earned money was more important than anything else.

Prizes awarded

Mr. Rangasamy also handed over prizes won by those who had saved money under the prize coupon scheme of the department.

Planning and Research Department director M. Sreedharan, who welcomed those present, highlighted the quantum of savings the Union Territory had mobilised over the years and the appointment of agents including women to mobilise the same.

Development Commissioner and Secretary to Puducherry government B.V. Selvaraj, District Savings Officer of the National Savings Institute, Chennai, V.J. Balasubramanian and Senior Superintendent of Post Offices V. Santhanaraman were among those present.

Chairman of the Oulgaret Municipality N.S.J. Jayabal and local ward member Ramachandran spoke on the occasion.

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