Sonia bats for the aam aadmi, praises bank nationalisation

While Prime Minister Manmohan Singh took his role focusing on sustaining the economic growth in this time of crisis, Congress President Sonia Gandhi tried to strike a more political cord with the aam aadmi, raising the question: “Should the poor become the victims of the unchecked greed of bankers and businessmen? Should the advice of a few be allowed to inflict misery on the many?”

Ahead of the elections, Gandhi made her stand clear: “What concerns us most today is that the economic upheaval could grievously affect the most vulnerable sections of our society.”

Focusing on the economic slowdown, Sonia said that the United Progressive Alliance (UPA) government will not abandon the “prudent and cautious course” while dealing with the current crisis. She also said in the new circumstances, “liberalisation must be pursued within a framework of sensible but not heavy-handed regulation”.

The UPA chairperson said the current economic crisis had vindicated the prudence of the former prime minister and her mother-in-law, Indira Gandhi, in nationalising all the banks even in the wake of criticism some 40 years ago.

Speaking at the Hindustan Times Leadership Summit, Gandhi said, “Let me take you back to Indira Gandhi’s bank nationalisation of 40 years ago. Every passing day bears out the wisdom of that decision. Public sector financial institutions had given our economy the stability and resilience we are now witnessing in the face of the economic slowdown.”

On the impact of the global crisis on India, Gandhi said while there was no need for panic and over-reaction, the economic slowdown could not be fought by getting back into the era of controls.

The UPA chairperson expressed concerns at the impact of the slowdown on the small and medium enterprises. She said while the industries needed held, the SMEs needed ''sustained assistance.’’

Highlighting her government’s social security policies, Gandhi said the current crisis has heightened the need for greater investments in physical and social infrastructure. She asked Industry not to forget that public policies need to take care of the poor and magrinalised people, who would be the worst hit by the slowdown.

“As a responsible society the ends we have to care about most are the acceleration of employment generation, the expansion in education, the provision of adequate healthcare, the supply of clean drinking water and so much more,” Gandhi said.