Indira Gandhi's vision saved us from current financial crisis: Sonia Gandhi

NEW DELHI: Congress president Sonia Gandhi on Friday invoked her mother-in-law Indira Gandhi to send a message that but for the former prime minister's "much reviled" bank nationalisation four decades back the country's financial institutions would have been hit by the current global economic crisis.

"Every passing day bears out the wisdom of that decision (bank nationalisation in 1969)," Gandhi said in her address at a conference in New Delhi.

"If you allow me the liberty of showing what is to you the proverbial 'red rag to bull', Let me take you back to Indira Gandhi's much reviled bank nationalisation of 40 years ago," she told the distinguished gathering.

Gandhi went on to say that "Our prudence has been marked in the case of the financial sector.”

Lauding the public sector financial institutions, Gandhi said they have given the country's economy the stability and resilience we are witnessing in the face of the economic slowdown.

Prudence implies ensuring an economic system that imposes clear, fair rules and rewards those who play by them, Gandhi said.

It implies a system that insists upon transparency in all economic transactions, and accountability on the part of those who conduct them, she added.

"And it implies a system that accepts the need for supervisory institutions to serve as effective watchdogs, so that the interests of society as whole are not overlooked in the justifiable quest for corporate gain," she said.
Soruce: http://timesofindia.indiatimes.com/Indiras_vision_saved_us_from_financial_crisis/articleshow/3740948.cms

Sonia ready to go to prison for the sake of dev.

Rae Bareli:
Defying Mayawati's attempts to scuttle her plans, Sonia Gandhi today visited her Lok Sabha constituency calling it her "karma bhoomi" and declaring that she is ready to go to jail for the sake of development.

"Rae Bareli and Amethi were the 'karma bhoomi' of Feroze Gandhi, Indira Gandhi and Rajiv Gandhi. It is also as my 'karma bhoomi' and that of Rahul. Rae Bareli and Amethi are like my home. I want to ask, can anyone prevent me from coming to my home? No one can," she said.

She also took barbs at Chief Minister Mayawati saying like the Rail Coach Factory in her constituency for which land allotment has been cancelled by the state government, there were at least 8 such schemes on which the clearance has come from the Centre but "all the hurdles are here only in Uttar Pradesh".


Asked if she was prepared to go to jail, Gandhi shot back "I am also ready to go to jail".

Unfazed by the administration's apparent attempts to foil her plans for holding a rally today by imposing prohibitory orders, Gandhi flew straight to Fursatganj in a private aircraft skipping Lucknow.

Gandhi, who was cheered by slogan-shouting Congress workers who also garlanded her at some places, said she had planned to come here for the happy occasion of laying of the foundation stone for the Rail Coach Factory. "You know the matter is now before the court and I will not make any comments," she said when asked about the cancellation of the land allotment by the Mayawati government.


On Saturday the district administration had cancelled the land alloted to the proposed coach factory citing the demand from local farmers. But, on a petition from the Railway Ministry yesterday, the Allahabad High Court virtually stayed the order pronouncing status quo on the issue.

Asked how her party planned to face Mayawati's onslaught, she pointed to UPCC President Rita Bahuguna Joshi and some other leaders and said "these people will take care".

Source: www.mid-day.com

We want to take Left along on N-deal: Congress

June 20, 2008, With most United Progressive Alliance constituents disfavouring early polls, Congress on Friday said it wants to take the Left allies along while pushing the Indo-US nuclear deal and that there would be "no loss of face" if the agreement fails.

Insisting that the UPA government is not a "one-issue government", Congress spokesman Shakeel Ahmed rubbished reports about Prime Minister Manmohan Singh offering to resign over the nuclear deal in the wake of stiff opposition by the Left parties.
He said all steps involved in the nuclear deal so far have been taken with "consent" of the Left parties and the government would continue to do so in future.
"We want to keep the government intact and at the same time we want the deal also," Ahmed told reporters in Delhi as hectic parleys involving the Congress, other UPA constituents and the Left parties continued with an aim of finding an end to the deadlock over the issue.
Without spelling out the future plans, he maintained that whatever action the government takes, it will be in the national interest.
To a question, he said the nuclear deal is in the national interest and added that the government will try to take the Left parties along while pushing it.
Questioned whether it would not be a "loss of face" for the government and the Congress if the deal does not go through, Ahmed disagreed and referred to the prime minister's statement that the UPA government "is not a one-issue government."
The indication of the softening of stand by the Congress came after major UPA constituents, including Nationalist Congress Party, Rashtriya Janata Dal and Lok Janshakti Party told the government on Thursday that they do not want early polls and efforts should be made to end the deadlock by addressing concerns of the Left parties.
The Congress spokesman sought to play down the Left parties' threat to withdraw support, saying he did not think about such a possibility and it was a "hypothetical" matter.
Ahmed thanked the Left parties for supporting the government for four-and-a-half years and said, "It is our responsibility to take them along."
In this regard, he pointed out that the government had set up the UPA-Left committee to discuss the nuclear issue, which was not in the Common Minimum Programme.
On resolution of the issue, he pinned hopes on the June 25 meeting of the UPA-Left committee on the nuclear deal and suggested that its outcome should be awaited.
When referred to reports that the prime minister had offered to resign, Ahmed denied it and said such "speculation" should not be spread.
Ahmed said Dr Singh has full support of Congress president Sonia Gandhi as well as the party on the nuclear issue.
Justifying the nuclear deal, the Congress spokesman said it is in the interest of the country as it will help meet the energy deficit.
The country needs two lakh megawatts of power and there is a shortfall of 78,000 MW, Ahmed said, adding the nuclear deal will help generate about 16,000 MW of electricity.
"It is our responsibility to take care of their (Left) apprehensions. They have given us support for four years and now we cannot let them go just like that," a senior Congress leader said.
Another leader said the government was likely to give the Left the assurance that it would operationalise the deal onlyafter seeking the sense of the House and ratification by the Union Cabinet.
He played down the idea there could be a loss of face internationally if the government does not go ahead with the deal, as it is known that it is a coalition and whatever decision is taken should be with the consent of everyone.
On the record, Ahmed recalled the prime minister himself having said at the HT Summit last year that his was not a one-issue government and if the deal does not come through, it would not be the end of life.
As hectic parleys took place in the run-up to the crucial June 25 UPA-Left discussions on the nuclear deal, in another sign of softening of stand, a Congress leader said this was not necessarily the last meeting of the panel.
Lending an insight into the present political situation, he said the "sense of panic" was created as it was realised that the impression that the government got in back-channel talks with the Left of another concession from them was in fact just a "false hope."
He further said if the Left gave any concession on the deal in the June 25 meeting, it would be a "major coup".
source: www.rediff.com

PM wants to quit over nuclear deal

June 20, 2008, Congress sources told rediff.com late on Thursday night that Prime Minister Manmohan Singh is putting the maximum pressure possible on Congress party president Sonia Gandhi to go ahead with the India-US nuclear deal. The tussle between Dr Singh and some party leaders, who do not want an early general election provoked by the withdrawal of Left support, is on and far from over, the Congress sources added.
Dr Singh would like to resign as prime minister if the Congress party does not back him on the deal. However, negotiations between Dr Singh and the party continue and the final verdict is not out yet.
The prime minister is likely to continue pressurising the Congress leadership before the next United Progressive Alliance-Left parties meeting on the nuclear deal on June 25.
Dr Singh will not have much to lose if he insists on an exit from power because his four-year tenure has ensured his place in history. The final year in power will be the most difficult with international oil prices likely to cross $150 per barrel.
Another factor behind the current political drama in New Delhi over the nuclear deal is a powerful lobby's belief that a strategic partnership with the United States is a win-win situation for India and the US. Dr Singh's supporters think it is time "the Congress calls the bluff of the Left parties" and goes ahead with the nuclear deal.
But it seems difficult for Dr Singh to garner his own party's support for the deal. Notwithstanding the public stand of UPA allies like Rashtriya Janata Dal leader Lalu Prasad, Nationalist Congress President Sharad Pawar [Images] and Dravida Munnetra Kazagham supremo M Karunanidhi supporting the deal, the Congress is well aware that these allies do not want an early election, and certainly not in November. External Affairs Minister Pranab Mukherjee, the mediator between the Congress, the Left parties and its allies, briefed Dr Singh on the issue today.
Dr Singh cancelled all his appointments for Thursday, June 19. An official statement said the prime minister is unwell and running a viral fever.
The prime minister is understandably anguished because it will be embarrassing for him to travel to Tokyo next month for the G-8 summit -- where he will meet US President George W Bush -- after suffering a domestic political defeat on a diplomatic issue of great importance. "The prime minister," a reliable Congress source said, "wants to save his prestige in an international forum."

source: www.redif.com