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Sonia: protect the poor from impact of global meltdown

Neena Vyas

Sonia Gandhi

NEW DELHI: Congress president Sonia Gandhi on Friday said steps taken in India to counter the effects of the global meltdown must protect the poor.

Speaking at the Hindustan Times Leadership Summit, Ms. Gandhi said the poor had played no role in the economic downturn being witnessed. But, unfortunately, they could be “grievously hurt” by the upheaval.

Referring to the meltdown triggered by the collapse of big investment banks in the U.S., she said the poor must be protected from becoming “victims of the greed of bankers.”

She added: “Whatever action we take, we must protect them. This is our firm commitment.”

Referring to the “much maligned” bank nationalisation by Indira Gandhi, she said public sector banks withstood the test, when many big banks the world over had to be helped from collapsing.

Yet, Ms. Gandhi said, it would not be correct to give up on economic liberalisation. “Liberalisation must be pursued within the framework of sensible but not heavy-handed regulation.”

She said policies should not ignore “the wellbeing of those who are trying to manage two square meals a day and a roof over their heads.” She reminded her audience, who included some top corporate honchos, that 93 per cent of India’s workforce was in the unorganised sector and small and medium enterprises contributed to creation of jobs and disbursing wellness. “These lakhs of small and medium enterprises must be sustained.”

She underlined the need for public spending in the critical areas of “physical and social infrastructure.” The welfare of all should be the key objective of the State.

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