Word: krishnamachari
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Dates: during 1950-1959
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...possible avenue of approach for Krishnamachari would be .a request that the U.S. create a "standby fund" of from $600 million to $800 million, which India would use as its currency backing while drawing on sterling reserves in London for ready cash...
Scraping & Pruning. Ever since it became apparent that India's overambitious second five-year plan was more of a bite than India's unmobilized resources could chew (TIME, Aug. 5), resourceful Finance Minister T. T. Krishnamachari has been doing his best to 1) reduce the scope of the plan itself, and 2) attract the foreign capital, government or private, that the country needs to keep going. Three weeks ago, while Nehru was still diligently distilling euphoria from the plan's prospects...
...Krishnamachari rose in Parliament to announce that there would be "some scraping and pruning of the edges of the plan. Future planning will be motivated by realism." Krishnamachari declared that the government was still determined to hold onto the core of the plan-power, coal, steel and transport-but he warned bluntly: "Make no mistake: we need large amounts of foreign aid to save even the core...
...abroad and inflation mounting. And in their efforts to ease India's economic woes and weaknesses, the nation's planners had brought forth a second five-year plan so overambitious that it was rapidly exhausting India's sterling balance in London. Already, Finance Minister T. T. Krishnamachari told Parliament last week, the government has been obliged to lower the legal minimum sterling backing for India's currency from $840 million to $630 million...
...neither Nehru nor Finance Minister Krishnamachari has been willing to scrap or revamp the second five-year plan. Last week Krishnamachari announced that he would make a visit to the U.S. next month. Nothing drastic would be done about the plan until he had tried his luck in Washington...