OUR STAFF REPORTER KARACHI - State Bank of Pakistan former Governor Dr Ishrat Husain has said that the high rate on National Savings Schemes (NSS) is not only hindering the growth of the mutual fund industry but also crowding out the private sector. Therefore, the government should control its borrowings and bring the rates on NSS down. Addressing the business community at the launch of Dawood Capital Management Limiteds new office here in Karachi on Monday, Dr Husain said in India, the average bank deposit rate is 7.5 per cent and the average return on government savings schemes is 8 per cent p.a. In Pakistan, the average bank deposit rate is 6 per cent p.a. and the average return on NSS is around 13 per cent p.a He also spoke about the importance of SMEs and ways in which Securities & Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) can work together. On the occasion, DCM CEO Tara Uzra Dawood stated, DCM feels very blessed to present Dr Ishrat Husain sharing insight into the economy and to provide a platform for networking for the business community. Dawood Capital Management Ltd. is a leading asset management company based in Pakistan and is listed on the Karachi Stock Exchange. Founded in 2003, DCM has 3 funds under management as well as an investment advisory services license. Dawood Money Market Fund , its flagship fund, is the top performing income fund in Pakistan, with FY 2010-2011 annualised returns to date of well over 25 per cent.