.... Y Venugopal Reddy, a former Governor of the India's central bank, the Reserve Bank of India, has said that it has created an incurable `drain on savings', threatening to hobble economic progress. As gold fever grips most households in India, the country's household savings rate has plummeted in the financial year that ended on March 31 to 9.7% of GDP, compared with 12.1% in the previous fiscal year.....
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