Word: krishnamachari
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When Kansas Millionaire Bill Graham tried to spark a brush fire for capitalism in socialist-minded India last summer (TIME, Aug. 12), the government poured on cold water. Finance Minister T. T. Krishnamachari and others refused to see him. But last week Graham's dream of financing capital-starved entrepreneurs ("The small guy who's on the ball") and making a profit to boot had become too important to ignore. When Graham landed in India with funds raised from free-enterprising Americans, Pandit Jawaharlal Nehru himself sat down with the tireless enterpriser for a half-hour...
...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...
...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...