ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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imports of technology, machinery, equipment and raw materials are a precondition for industrial growth and modernisation. The ministries of Agriculture and Civil Supplies, on their part, can hardly countenance the idea of phasing out at this stage the import of fertilisers or of sugar and edible oils, it has, therefore, to be taken for granted that within the framework of the overall policy of the liberalisation of the economy, which holds such a strong fascination for the Prime Minister and his government, there will be no let up in the liberalisation of imports and the payments difficulties would have to be attempted to be tackled by raising commercial loans abroad and inviting foreign private investment. V P Singh's concern over payments problems and restrictirig imports to match available foreign exchange is indeed irrelevant.

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