The Union Finance Minister, Mr. Morarji Desai said in Calcutta on February 1, “We have here a climate which, on any objective analysis, is favourable to a continued inflow of foreign investment.” Mr. Desai, who was inaugurating the Electrical Manufacturers’ Association meeting, stated that “in a sense it is true that resources are still inadequate, and the private sector can be excused for thinking that taxation is at the back of it. However, the fact is the shortage of resources is felt in both the public and private sectors. The reason, obviously, is that the country is poor and it takes time for it to build up its savings capacity to a level that will enable it to finance an adequate scale of investment.” Pointing out that what was being attempted in this country “is democratic planning which has no exact parallel”, Mr. Desai said that “the ultimate test of public and private industry is the same; how far the interests of the consumers at home and abroad are served. Both public and private enterprise must live up to this standard.”