Sir — This refers to the article, “Middle-class needs a better deal” (March 28) by Shivaji Sarkar. The Union Budget 2016-17 came as a shock to the salaried class. In addition, a cut in the interest rates of small savings schemes has jolted the investors, who also happen to be senior citizens. Small savings rate-cut will hit the non-pensioners whose only source of income is interest from the hard-earned money invested in small savings schemes.
The argument is that small savings interest rate-cut will pave the way for Reserve Bank of India to cut lending rates of the banks, but a majority of the middle-class has nothing to do with lending rates of the banks. The middle-class played an important role in bringing the NDA to power, but it has sadly been given a rough deal.