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Make the most of financial market: Khurshid

. — Photo: PTI

Money matters: Union Minister of State for Corporate Affairs Salman Khursid having a word with Orissa Minister for Public Enterprises Uday Singhdeo, during a function to celebrate ‘Investors Day' in Bhubaneswar on Saturday. Chief Minister Naveen Patnaik (centre) looks on

BHUBANESWAR: In a bid to take advantage of country's healthy saving rates, Union Ministry of Corporate Affairs has chalked out plans to attract more people to invest their money in financial market.

Addressing the Investor Day celebration here on Saturday, Union Minister of Corporate Affairs Salman Khurshid said, “we will continue to strive towards enhancing level of involvement of people in financial democracy.”

India scored 35 per cent to 36 per cent point on home savings front, highest among developing countries, and it recently dipped to 34 per cent due to economic stress, Mr. Khurshid said.

Pointing out that investment on land and gold would continue as these would always retain intrinsic value, he said prospective investors should get into capital market.

Corporate Affairs ministry plans to organise 3,000 investment education programmes this year from the present level 300 investment education programmes. It plans to rope in 18 reputed organisations including Multi Commodity Exchange of India, Indian Institutes of Managements and Institute of Chartered Accountants of India.

Orissa was the sixth in the State where investment education programme was being introduced. “The idea behind such programmes is to inform investors. An informed investor is an asset to the counter,” said Union Secretary for corporate affairs R. Bandopadhay said.

Investors guide released

“We will go to smaller towns with this education programme. Hopefully, one day pachayats would be reached with this awareness model,” Mr. Khurshid said. Oriya version of booklets, “Investors guide to capital market” and “A beginners' guide to capital market” were released. Moreover Oriya website for Investor Education and Protection – www.iepf.gov.in – was launched on the occasion.

Addressing the convention, Chief Minister Naveen Patnaik, “for a new investor, it is necessary to have at least a rudimentary knowledge of the capital markets so that the investor does not take any avoidable risk.

Stock markets, being a new area, have led to a large number of investors making ill-informed decisions often leading to catastrophic results. “

On the other hand, capital markets also provide an excellent vehicle for investment, for a small amount of money, which was often not possible in other modes of investments such as in land, Mr. Patnaik said.

He said capital markets also provided a natural edge against inflation since the value of the stocks and the dividends automatically took into account the inflation rates.

Among others, State Planning and Coordination Minister A. U. Singh Deo and State Industry Secretary Sourav Garg spoke on the occasion.

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