Sonia lauds Indira Gandhi's bank nationalisation

New Delhi, Nov 21 (IANS) Congress president Sonia Gandhi Friday recalled the late prime minister Indira Gandhi's nationalisation of banks four decades ago and said the move that was strongly criticised then has today become the mantra to tide over the financial crisis.

'If you allow me to the liberty of showing what is to you the proverbial 'red rag to the bull', let me take you back to Indira Gandhi's much-reviled bank nationalisation of 40 years ago,' the Congress party president said of her mother-in-law's move that is still much-talked about.

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'Every passing day bears the wisdom of that decision,' she told the Hindustan Times Leadership Summit, referring to what was currently being resorted to by the US and some European nations to prevent their financial institutions from going bankrupt.

'Our prudence has been most marked in the case of financial sector,' Sonia Gandhi said. She added: 'Public sector financial institutions have given our economy the stability and resilience we are now witnessing in the fact of economic slowdown.'