‘We need a balanced economy to pull us through global recession’

With the ongoing economic meltdown,we are passing through a very exciting and challenging phase.

Written by Express News Service | Patiala | Published: February 7, 2009 3:49:15 am

With the ongoing economic meltdown,we are passing through a very exciting and challenging phase. The need of the hour is to dwell on the existing capitalist and socialist models and draw out a new model suiting the financial needs and requirements of our country. And none other than academicians,scholars and students of economics and management can perform this job better.

This was said by Finance Minister of Punjab,Manpreet Singh Badal,while inaugurating a two-day national seminar on ‘Making Markets Happen’,being organised by the Punjabi University’s School of Management Studies on Friday. 

Speaking on the issue,Badal said that we are “living through the middle of a storm”,necessitating us to chalk out a programme for an early recovery from the economic recession. Quoting various social and political leaders,Badal said the spirit of discipline and nationhood,coupled with a sense of dignity needed to be rekindled for the overall progress of the country. 

While presiding over the seminar,Vice-Chancellor Jaspal Singh said that a new model based on the principle of “socialisation of benefits,giving out enough to meet the basic needs of all and barest minimum for the few greedy” needs to be devised. He advocated the cause of a ‘balanced economy’ rather than a mixed economy.

Home Secretary Jarnail Singh said,“When you reform the markets,you are able to increase the growth rate but at the cost of poverty.” He suggested the implementation of strong regulations to monitor the functioning of companies.

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