Exchange needs of India
The World Bank to-day [April 6] explained to a meeting of the 10-nation Aid India Consortium, the scope and nature of the economic assistance India needed to meet some of its most urgent requirements during the first year of the Fourth Plan. The Bank’s explanation which was contained in a memorandum prepared by Mr. Bernard Bell, (who has previously reported to the Bank on the Indian economic scene) dealt only with united or non-project aid India needed during the year to pay for import materials needed to keep the existing industries going, purchase of food from abroad and freight on food shipments. The contents of the memorandum are not being divulged, but it is believed to reflect India’s suggestion that the foreign exchange funds it needs can be found to a large extent if the Consortium members would permit India to postpone repayments of loans, instalments on which now fall due. Sources here [Washington] said that this now amounted to about $320 million. The Consortium members’ reaction to this proposal is not yet known. As most of the representatives who attended to-day’s [April 6] meeting were embassy-level officials, it is understood they have referred the Bank’s memorandum to their respective Governments. It is learnt that it is now up to India to pursue the matter with these Governments in bilateral negotiations. Several courses are now open to the Consortium members. They could agree to re-schedule debt repayments and thus allow India to use the hard cash so freed to import industrial materials. Or, they could advance fresh untied loans which India can use to service its debts: (The Bank which does not like deferments as a rule is said to prefer this course). Or, the Consortium countries could assist India both by re-scheduling debt repayments and by advancing new loans until India’s urgent needs are met to the full extent. The Bank is said to have stressed the need for early action. The British representative is said to have supported this appeal.
Mihir Sen triumphs
Mihir Sen, the Indian swimmer, crossed the Palk Straits in 25 hours 44 minutes. He landed at Dhanushkodi at 7-16 a.m. to-day [April 6] much fatigued. He threw himself on the land kissing the earth. Mihir Sen is the first Indian to swim across the Palk Straits and the first individual to score the “double” of crossing the English Channel and the Palk Straits. The President, Dr. Radhakrishnan in a message, congratulated Mihir Sen on his “splendid feat of skill, courage and great endurance” in swimming the Palk Straits. The Prime Minister Mrs. Indira Gandhi has congratulated Mihir Sen on his success. In a message, she said: “Congratulations to Mihir Sen on his brilliant achievement. His successful crossing of the Palk Straits is yet another tribute to the growing sense of adventure among the youth of India.”
‘Avoidable loss’ in printing one paise stamps
The Posts and Telegraphs Department has incurred an “avoidable” expenditure on printing 80.6 million extra one naya paisa stamps because it could not make available the new 6 nP. postcards in time. The audit report (1966) of the Department, placed in the Lok Sabha to-day [April 5, New Delhi] by the Finance Minister, says a sum of Rs.89,500 was spent on printing these extra stamps. The new postage rates came into effect on May 1, 1963 but the 6 nP. postcards had not been printed on time.
In fact, 80.6 million old 5 nP. postcards were printed in that month – 24.4 million of them after printing of the new postcards had begun. The audit report has noted arrears of Rs.6.04 crores in telephone bills as on July 1, 1965. Of this, Rs.3.61 crores relate to Government subscribers. The arrears had been accumulated over the years. During 1964-65, the increase in arrears of revenue was 34 pr cent against 16 per cent increase in revenue.
