7th pay panel award to spur savings: UBS

NEW DELHI: Global brokerage UBS has taken a contrarian line to the general view that the 7th Pay panel award would boost demand, saying the move is expected to drive savings more than consumption. The 2016 UBS Evidence Lab survey, which offers insights into the outlook for the second half of this fiscal, noted that survey respondents are hopeful of improved household income, but most plan to save rather than spend any increase.

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