Indians favour govt-aid for failing banks, industries: Survey

Last Updated: Sunday, September 13, 2009 - 10:34

New Delhi: In the backdrop of many developed nations throwing lifelines to financial institutions in fighting the financial crisis, a majority of Indians too are in support of government aid for failing banks and industries.

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

"The majority favours government assistance for failing
banks (64 percent) and industries (61 percent)," 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 percent of Indians believe that the
government should significantly increase its stimulus
spending.

"Slightly fewer Indians (52 percent) 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 Program on
International Policy Attitudes (PIPA) at the University of
Maryland.

About 57 percent 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 percent of the
Indian respondents approve the performance of their leaders
while 45 percent 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 percent), executives of international
companies (45 percent), bank executives (45 percent), the
World Bank and IMF (44 percent), US leaders (37 percent),
and EU leaders (35 percent)," 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 percent) citizens --
and majorities in 13 of the 20 countries polled -- support
the increasing government spending to stimulate the economy,"
the report said.

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

In case of the US, only 46 percent of those surveyed
are satisfied with the Federal government`s initiatives to
boost its economy.

On the other hand, only 44 percent people worldwide are
satisfied with their own government`s response while 36 percent 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`s Chairman Doug Miller
said.

Bureau Report



First Published: Sunday, September 13, 2009 - 10:34

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