'Don't pass on domestic industries to MNCs'

Addressing the inaugural programme of national seminar on ‘Nation building through Swadeshi model’ organised by Swadeshi Jagran Manch here on Friday, Sundaram said that in wake of global meltdown, the only economy which remained stable was Indian economy.
“Though they may not be using the word ‘Swadeshi,’ the Swadeshi concept of development is dominating the world. With this, USA is no more the Engineer of development because they have manifested to the world that their model of economy is faulty,” he said and added that Government of India has been contemplating to bring in foreign direct investment into banking and insurance by amending the laws concerned, which will be devastating. “Banking model of the West has led to collapse of economy of the world. Knowing this fully well, the government is still trying to impose Western model of banking on us,” he said and added that Government is also trying to pass on telecom and power into the hands of MNCs, which should not happen.

Earlier inaugurating the programme, Mayor M Shanker Bhat said that the impact of liberalisation, privatisation and globalisation is obvious as everyone is feeling the heat of it. However the ‘heat’ of economic meltdown is rather mild in India, thanks to the age old culture of savings, which is very strong in Indians.

Renowned Economist Prof B M Kumaraswamy, Swadeshi Jagran Manch National Organising Committee Chairman Kashmeerilal and Convener J R Bangera among others were present.

DH News Service

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