New Delhi: Setting out her priorities as elections approach, the head of the ruling Congress party said on Friday the poor must be protected from the fallout of a global financial crisis and the "greed of the rich".
Sonia Gandhi's comments underline her left-of-centre stance ahead of elections due by next May, and her cautious approach towards economic liberalisation.
"As a free society, we believe in the freedom to pursue prosperity. But not at the expense of social justice," she said.
"Liberalisation must be pursued within a framework of sensible but not heavy-handed regulation," Gandhi added.
Investors have been disappointed at the pace of reform under the Congress-led coalition government, which took power in 2004 and must face the electorate in 2009.
Blame is often put on its former communist allies who opposed reforms to liberalise the economy, but Gandhi's comments underscored the cautious attitude to reforms at the top of the party itself.
Any response to the global economic turmoil should protect the vulnerable sections of the society, she said.
"They have nothing to do with the fancy-sounding financial instruments," she told a conference.
"Should they become the victims of the unchecked greed of bankers and businessmen?"
"Should the avarice of a few be allowed to inflict misery on the many?"
Gandhi's speech came immediately after party colleague and Prime Minister Manmohan Singh offered a more pro-industry vision at the same conference, saying his government would use every instrument of public policy to ensure growth and enterprise.
In contrast, Gandhi credited the public sector for giving the Indian economy stability in times of crisis, referring to the decision of her mother-in-law and former Prime Minister Indira Gandhi to nationalise banks.
"Every passing day bears out the wisdom of that decision," she said.
The difference of nuance in Gandhi and Singh's political beliefs has coloured the Congress-led alliance's four-and-half year rule, analysts say.
"The difference is explainable in terms of the PM not wanting to disappoint Indian industry, whereas Sonia Gandhi has no particular need to be solicitous towards them," said political columnist Pran Chopra.
Singh, a reform-minded economist and former finance minister, was given the job of prime minister by Gandhi after the 2004 election, but she is often thought to call the shots.
"Sonia Gandhi is now saying don't do anything that makes the poor suffer, and rather she is emphasising direct attack on the problem with employment generation and increasing the purchasing power of the poor," said political analyst Prem Shankar Jha.
"The Prime Minister, nonetheless, wants to go the industry way of cutting interest rates and making credit available."
The challenge, analysts say, is to strike a balance ahead of general elections due next May.
"They are addressing two different constituencies," said Chopra. "There has to be convergence, eventually."
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