Commending the role played by overseas Indian workers,who send nearly $12 billion every year,President Pratibha Patil on Friday urged the Ministry of Overseas Indian Affairs to consider the possibilities of instituting a separate set of awards for them.
They are at the lower end of the income scale; their remittances however,not only support household consumption back home but also provide resources for investment in the rural sector,particularly agriculture, Patil said,speaking on the last day of the seventh edition of Pravasi Bharatiya Divas here. The award,recognising the contribution of overseas Indian workers,would work as a morale booster for them,she said. The genuine grievances of overseas Indians should be addressed expeditiously. The Government could also look at innovative approaches to channelise foreign remittances,especially of workers for productive investment, she suggested.
Turning her attention to the economic crises across the world,the President said that sustainable economic growth could not be entrusted completely on the market.
The key lesson (from the crises) is that sustainable economic growth is far too important to be left entirely to the market. The absence of regulation can and does create hazards. We have to create better regulatory systems and best practices in the management of capital markets as well as in fiscal policy, she said,adding,there should be sound and transparent rules in global financial markets in order to make it fair and orderly.