A: I think that was the whole objective of introducing the scheme and it is a good beginning for people because the kind of tax benefit that one is getting itself adds to your return on day one as such. The scheme's benefit will start showing up over a longer period of time as you see more and more people entering into the surplus wealth category that is where you will start seeing people experimenting with equity and so on.
Unfortunately, it's been introduced in a time when the market has been going through a downturn and jobs have been lost and people salaries under pressure, inflation has been high.
So, real interest rates kept people away from financial savings but it is a good scheme, it has got good potential but if you ask me I would say that you should encourage people in that bracket which is Rs 10 lakh and below it is only available for your first investment. I think you need to do it for at least three-four years to bring that equity culture into most people.
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