Word: indianized
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Dates: during 1950-1959
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Another was that India's exports would prosper and earn more foreign exchange. They have not. In London last week there were whole warehouses full of unsold Indian tea. Increasing competition from Japan has prevented any significant increase in foreign sales of Indian cotton goods. The jute industry, faced with competition from Indonesia and Pakistan, is so deep in the doldrums that more than 10% of India's looms are being held idle in an attempt to maintain world jute prices...
...Assumptions. From the outset, the plan was based on assumptions that were more hopeful than realistic. One assumption was that the Indian peasant would somehow produce more than he has in the past...
...third assumption was that between 1956 and 1961 India could count on getting at least $1.6 billion in foreign aid. Proudly, the Indians asked for loans, not grants. A month ago Indian Finance Minister T. T. Krishnamachari signed an agreement with the Soviet Union for a twelve-year $125 million loan, and last week West German Economics Minister Ludwig Erhard was on the verge of okaying $143 million in credits toward construction of a new steel plant in iron-rich Orissa. Other loans may come from Japan and the Colombo Plan nations...
...plan was badly administered. New projects popped up like toadstools, and for months half a dozen uncoordinated ministries bought "plan equipment" without bothering to inform the Finance Ministry what they were buying or how much they were spending. Though India has explored less than 20% of its mineral resources, Indian politicians resisted importation of foreign geologists or engineers, arguing that "India must save its resources for itself...
...Socialist bias of Nehru's political philosophy, which expressed itself two months ago in a tax on capital assets, discourages private industry, foreign and domestic. Said leading Indian Industrialist G. D. Birla: "As things stand now, there is not the slightest possibility of raising any sizable capital in India...