Articles by B M

October 9, 1976 DAMODAR BULK CARRIERS is offering 9,49,880 equity shares of Rs 10 each at par to the public for subscription. The company is engaged in transportation of iron ore from India to Japan, South Korea, Taiwan and Europe and bringing back foodgrains from the US and Australia, and also runs a passenger-cum-cargo service between Bombay and Persian Gulf. Promoted by Salgaocars of Goa and P and O of London, the company began its operations in 1966 with a small ship of 2,000 DWT. Today it has four bulk carriers aggregating 224,018 DWT and a passenger-cum-cargo vessel of 4,615 DWT. Before the end of this month the company will launch a multi-purpose cargo ship of 21,610 DWT at the Hindustan Shipyard. With increase ' tonnage from 2,000 to 228,633 in i

Embarrassment of Riches THE experienced and highly sophisticated group of 'aid diplomats' in New Del hi currently find themselves in somewhat of a quandary. Their task was never easy, especially in the last lew years of what is euphemistically called deterioration in the aid climate. But they brought to bear on their aid solicitation a degree of ingenuity and refinement which was impressive. This is testified by the higher quantum of aid inflow in the last three years in particular, even in the lace of so many political impediments. They were naturally elated when the World Bank- gave a public chit applauding the good management of the economy last year. Unlike the past practice of World Bank reports being kept confidential, it was mutually agreed to give this report wide publicity. This was expected to overcome the so-called aid-weariness in the donor countries and to counter propaganda that aid-receiving countries were squandering concessional aid and that, especially in the ease of India, aid was going into a bottomless pit.

NEW DELHI Food Surplus for Export! B M THE brief spell of anxiety which was felt in government circles in July has given way to robust optimism with the turn for the better in weather conditions. The stopping of further purchases of foodgrains abroad and another look at the foodgrains production target for the Fifth Plan which has been proposed by the Food and Agriculture Ministry show how far and to what extent the behaviour of the monsoons influences the mood and the outlook of policy-makers. The Food and Agriculture Minister, Jagjivan Ram, was unusually cheerful, relaxed and confident when he met economic journalists for an informal discussion last week. He used the occasion to predict that India should emerge as an exporter of foodgrains at the close of the Fifth Plan period two years hence. He disclosed that the Planning Commission had been advised by him to review the food- grains production target for the Plan with a view to its upward revision. The original Plan target of 140 million tonnes is, of course, treated as not worth talking about. But the revised target of 124 million tonnes, which was thought to be realistic, is now proposed to be revised upwards, by exactly how much Jagjivan Ram did not say. But a target of 128 mil- tion tonnes is hinted at as quite feasible considering the achievement of 119 million tonnes during the current year.

NEW DELHI Miles to Go B M THE potential of Bombay High, after the long-delayed drilling of the structure was started, is turning out to be better than even the most optimistic pre-drilling estimates. The strikes at Bassein and other faults have given it added dimensions. But far more than even the precious oil struck, the success here has helped to restore morale and confidence among our oil men. Morale and confidence had been greatly undermined by the earlier smug dependence on import of cheap oil for a whole decade until ||ie world oil crisis jolted the government out of a mood of complacency and lethargy in regard to oil exploration. Facuity of funds, bad leadership in the ONGC, the overlordship of the bureaucracy and the tie-up with a single source of technology, not necessarily the best, had emasculated the ONGC and its work had been sapped of energy, enthusiasm, imagination and initiative for a long time. The situation has greatly improved during the last couple of years in this key sector of the national economy.

NEW DELHI Tinkering with Fifth Plan B M AFTER a prolonged interval, there is some revival of activity in Yojana Bha- van. The Prime Minister has at last been persuaded to show some interest in the labours of the planners. She has agreed to a full meeting of the Planning Commission in August under her chairmanship. This is a much-needed morale booster for those working in Yojana Blmvan. The exact date for the meeting is, however, yet to be fixed. Meanwhile, the emergence of fresh pressure on prices has created fresh doubts and uncertainty. But it is fervently hoped among the planners that the price problem will be effectively tackled in the prevailing overall economic and political environment and will not be allowed to once again raise fresh obstacles in the way of their al- together belated effort to give final shape to the Fifth Plan.