Click to play videoNew Delhi: Congress President Sonia Gandhi cautioned that it was "too early" to say that the global economic crisis had been contained but expressed confidence that the situation would throw up new opportunities for India in the future.
Speaking at the Hindustan Times Leadership Summit, Sonia said there was no need for India to get back to the era of controls.
“It is too early to say the economic crisis is contained. We believe in an open and not unregulated economy,” she said.
Sonia Gandhi, who spoke from a prepared text at the summit, unlike earlier occasions where there was a free-wheeling discussion among participants, said the financial crisis would affect the “most vulnerable” sections of society who had nothing to do with “fancy” financial instruments and had to contend with a hard day's work.
“Should they become victims of a few bankers greed? It is our duty to ensure what action we must take for them.”
Sonia said regulation is a must in the current economic situation and liberalisation should continue within a framework.
“We will not be thrown off course by the winds buffeting us from abroad. No need for overreacting, let alone panic. No need for us to get back to the era of control over market. At the same time, we can’t allow things to go out of control. Liberalisation must be pursued within the framework of sensible regulation,” he said.
Invoking the memory of her mother-in-law Indira Gandhi, Sonia said the nationalisation of banks kept the banks stable during the global fiscal crisis.
“Our prudence has been most marked in the case of the financial sector. Let me take you back to Indira Gandhi's much revived nationalisation of banks 40 years ago. Public sector financial institutions have given the economy the stability and the resilience we are now witnessing in the face of the economic slowdown,” she said.
Sonia also highlighted the need for a social security system and for more investment in public systems for the aam aadmi
“I have always believed that the public sector needs to invest in social and public infrastructure,” she said.
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