New Delhi, Friday 21 November 2008: Prescribing caution in the wake of the global economic downturn, UPA chairperson Sonia Gandhi made it clear that liberalisation must be pursued but should be done with caution and not at the cost of social justice.

Sonia justified Indira Gandhi’s decision to nationalise banks in the late 60s and pointed out that it’s because our banks are controlled that they have been relatively safe from the global financial crisis here today.

“Every day proves that it was right. We are now able to weather this storm,” Sonia stressed to the discomfort of many present, who are votaries of freer economy.

Sonia however hastened to add that there was no need to panic, as the days of red tape were not going to be back any time soon.

“It is too early to say the economic crisis is contained. We believe in an open and not unregulated economy. There is no need for India to get back to the era of controls,” she said.

On India’s position vis-à-vis the world in the current scenario she said, “India is not immune to the contagion. Some say our economy is decoupled, but that has been clearly proved wrong. While the domestic market remains our engine; we like it or not…we are all interconnected.”

She, however, exuded confidence that the global financial contagion would provide new opportunities for the future.

Airing apprehensions that the financial crisis would affect the “most vulnerable” sections of society, she said, “The poor 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?”, she asked adding, “It is our duty to ensure what action we must take for them.”

Bringing home the point, Sonia added that growth is not always about per capital income. Every thing should be done to protect the poor.

Earlier Prime Minister Manmohan Singh exuded confidence that India “can and will survive” the current global financial crisis to sustain an eight percent economic growth and promised every possible measure to promote development and entrepreneurship. (Agency)