“Indian economy could sustain itself only due to massive public sector institutions” : Dr. Yugal Rayalu

Hyderabad : All India Progressive Forum (AIPF) Vice President Dr Prof Yugal Rayalu felt that the Indian Economy could sustain itself only due to massive Public Sector Institutions.

Speaking on the topic ‘Nationalized Banks, Foundation of a strong India’, on the fourth day of the AIBEA month-long Webinars on the theme of People’s Money for People’s Welfare to commemorate the 52nd Anniversary of Bank Nationalisation, on Sunday evening, Dr Rayalu stated that when the world was on the knees in 2008 on account of unprecedented recessions termed as global financial crisis, India’s economy could survive only because of public sector foundation in the economy and nationalized Banks’ dominance in the financial sector.

Public sector only developed basic infrastructure in the country, he said the generation of employment enabling more than 2 crore jobs, distribution of wealth to a large extent among the common people, adding value to the exchequer etc., were the contributions of public sector enterprises.

When such a phenomenal achievement was made by Public Sector Banks, the present BJP-led NDA Government at the Centre is trying to privatise them.

It is not the Public Sector banks alone that the Government is trying to privatise and also the BSNL, Insurance, Ordnance Factories and every other public sector enterprise are being privatised or disinvested by the present government.

He said earlier when Banks were in the private sector, failures and loss of savings were the order of the day, Bank finance catered to the business needs of the private owners of the Banks.

Post-nationalisation in 1969, Banks acquired a socio-economic development vision focusing on commoners, small farmers, small traders, small scale industrialists and self-employed.

In the current times also, Banks in the public sector are supporting MSME sector, the AIPF Vice President said.

About Post Author