India starts rolling back western influence – no more privatization of nationalized banks
Babu Ghanta
Jul. 26, 2009

It is time for India to detach itself from inefficient western influences. The Finance Minister Pranab Mukherjee on Sunday ruled out privatisation of state-run banks and said market economy was not the solution to the nation's economic problems.

Recalling that the late prime minister Indira Gandhi had nationalised banks 40 years ago in 1969, Mukherjee said, "We survived the economic meltdown because of this step. In the world's leading countries, the finance sectors have crashed but we are still surviving because we nationalised our banking sector.The government will always have at least 51 percent stake in them," Mukherjee said while inaugurating the 28th conference of the West Bengal unit of the Indian National Trade Union Congress (INTUC).

India understands that American system has brought the disaster for America and the rest of the world. George Bush and his friends led the most inefficient financial system in the world guided by greed, obstinate postures and countless lapse in regulatory policies.

India’s main aim is to eradicate poverty. We have the National Rural employment Guarantee Act (NREGA). We will introduce similar schemes to raise the purchasing power of the poor people so that companies'' productions are unaffected by lack of demand.

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