India needs its own economic vision; government competent to handle slowdown: Bhagwat

RSS chief Mohan Bhagwat on Tuesday expressed confidence in the ability of the BJP leadership to tide over the present economic slowdown and said the country has to formulate its own economic vision in keeping with its requirements.

In his Vijayadashami address here, Bhagwat said the prevailing world economic thought is unable to answer many questions.

"We have to formulate our own economic vision keeping in mind our requirements, profile and condition of our people and our resources and potential to realise our national aspirations," he said.

Bhagwat said slowing down of the world economy has left its impacts everywhere and many countries including India have to bear the consequences of the global trade war between the US and China.

Bhagwat said the government has been compelled to take steps like liberalising Foreign Direct Investment (FDI) norms and disinvestment of industries to strengthen the economy.

He said the people dealing with the economy were competent to deal with the situation.

"The government has taken many initiatives to tide over the situation in the last one-and-a-half months. This gives a definite indication of the government's sensitivity towards people's interests and its prompt and proactive attitude. We will definitely come out of this cycle of so-called recession. The personalities leading our economy are competent enough," he said.

Bhagwat, however, said that unnecessary stringency should be avoided while implementing government schemes.

"While implementing many government schemes and welfare policies at the lower level, more alacrity and efficiency and avoiding unnecessary stringency can set many matters right," he said.

He also laid stress on the concept of swadeshi.

"Forgetting the swadeshi consciousness, while seeking answers to the pressures of the situation, will also lead to loss," he said.

Bhagwat said the country has to choose a path according to its strengths.

"Considering our economic scenario, even if we have to choose any circuitous route, we must overcome the compulsions once and for all by setting a destination and direction based on our own strength. However, to minimise the impact of other immediate crises and the ups and downs of the world economy on our financial system, we need to go to the basics and ponder," he said.

"We have to take steps to formulate our own economic vision, policy and system that instils in us capacity to create more and more employment with least consumption of energy that is beneficial for the environment, make us self-reliant in every respect, and create and expand trade relations with the world on the basis of our strength and terms," he added.