ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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From 50 Years Ago: Enjoyable Holiday Indeed

Vol III, No 41 OCTOBER 12, 1968

Enjoyable Holiday Indeed

There are, naturally, limits to the candour that may be expected of official spokesmen speaking to foreign audiences about the performance of their own governments. Granted that, Morarji Desai’s cockiness about the State of the Indian economy in his speeches in Washington still had a patently false ring. Whom was the Finance Minister trying to impress? Those who matter at the aid-givers’ end have a pretty good idea of what has been happening to our economy. They know, for instance, that only a few weeks ago the Reserve Bank had in the annual report of its Central Board of Directors summed up the country’s economic prospects as follows:

… the prospects at this stage are by no means reassuring. While the level of investment will have to be raised to a larger percentage of national income than in recent years, net external assistance as a proportion of investment is certain to fall even on the assumption of generous external assistance . . .

How very different from Morarji’s picture! The pity is that his rosy view of the economy led the Finance Minister to present his international audiences with a warped idea of its requirements.

Updated On : 12th Oct, 2018


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