ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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JAMMU AND KASHMIR-Unpromising Fiscal Start

IMF and the World Bank which have taken specific decision:, on using the aid or credit instrument more stringently to regulate the economies of the developing countries. The Governor of India's Reserve Bank, Manmohan Singh who together with the newly-appointed and rather inexperienced Finance Secretary, P K Kaul, attended, these meetings has talked of the stiff right that the developing countries, among them China, India. Zambia, Algeria and Iran, put up in the policy-making interim committee of the Fund and the Rank. According to him, "I have never seen so much insensitivity to the problems of the countries of the Third World as I saw at this meeting". Now this was an occasion when the Indian delegation at the Fund-Bank meet- ings should have been weighty. But departing from the well established practice that the Indian delegation to these annual meetings is invariably led by the Finance Minister of the country, the Prime Minister ordered the Finance Minister to remain back home this year and not to attend these; meetings. The reason for this was that Indira Gandhi was herself going abroad on her mission to the UN and obviously the spotlight must be entirely on her international labours and there should be no distraction, not even a minor one. But in the process, it is obvious that the Indian presence in the interm committee and other Fund-Bank meetings must have suffered dilution. Indira Gandhi's anxiety to project her international leadership has obviously assumed rather grotesque proportions. Further spice to the doings of the top political authority has been added by such tid-bits as the chaoeroning of the Prime Minister all through by the controversial Swraj Paul and her stay in London turning out to be much longer than originally planned to supervise. according to reports, arrangements for a dinner for the British Queen to be hosted by Indian High Commissioner in London. She was apparently not convinced that the High Commissioner would be able to organise a dinner fit for royalty with- our her personal interest, advice and directions.

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