Indians bat for govt prop to sick banks, industries

Majority of the citizens believe that Centre should increase its stimulus spending

A global survey conducted for broadcasting major BBC World Service has found that as many as 64 per cent Indians surveyed favour failing banks getting help from the government.

“The majority favours government assistance for failing banks (64 per cent) and industries (61 per cent),” the report said. Rattled by one of the worst economic turmoils in decades, many developed nations especially the US and the UK unveiled unprecedented measures to rescue many financial entities from going bust.

Meanwhile, the survey of 22,158 citizens spread across 20 countries showed that 59 per cent of Indians believe that the government should significantly increase its stimulus spending. “Slightly fewer Indians (52 per cent) believe the government should spend this money on clean energy technology,”it added. The survey was carried out for BBC World Service by international polling firm GlobeScan along with the Programme on International Policy Attitudes (PIPA) at the University of Maryland.

Stringent regulation

About 57 per cent of the Indians surveyed are in favour of increased government regulation of the economy in addition to broader regulatory powers for international organisations.

Going by the report, as many as 47 per cent of the Indian respondents approve the performance of their leaders while 45 per cent feel that the benefits and burdens of economic development are being shared fairly. “Pluralities are satisfied with the crisis response of the G-20 leaders (49 per cent), executives of international companies (45 per cent), bank executives (45 per cent), the World Bank and IMF (44 per cent), US leaders (37 per cent), and EU leaders (35 per cent),” the report noted.

GlobeScan co-ordinated fieldwork between June 19 and August 17, 2009.
Globally, an average of three in five respondents support the idea of substantially raising government spending to bolster the economies. “An average of three in five (60 per cent) citizens — and majorities in 13 of the 20 countries polled — support the increasing government spending to stimulate the economy,” the report said.

Nearly 67 per cent people globally want to see increased government regulation and oversight of their national economies and the support was the highest in China at 94 per cent.

In case of the US, only 46 per cent of those surveyed are satisfied with the Federal government’s initiatives to boost its economy. On the other hand, only 44 per cent people worldwide are satisfied with their own government’s response while 36 per cent expressed satisfaction with the actions of the World Bank and IMF.

“It is clear that citizens in many countries are still not seeing the kind of economic leadership they think is needed from their national government. Particularly low levels of satisfaction in Europe, Japan and Latin America suggest that stronger consumer confidence - seen as essential for economic recovery - will take more time in these parts of the world,” GlobeScan Chairman Doug Miller said.

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