Word: krishnamachari
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...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...
Wait for Autumn. Last month India's able, tough-talking Finance Minister T. T. Krishnamachari slapped a ban on all imports requiring foreign exchange unless the sellers agreed to payment deferments of from seven to nine years. British, Italian and West German suppliers responded coolly, though some West Germans are ready to offer goods on a deferred-payment plan-at 8.5% interest. Russia and Eastern European satellites, on the other hand, have been quick to inform India that they are eager to grant deferred payments-and at only 2.5% interest, a political price which U.S. observers feel is significant...
...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...
...strains outside are also visible inside the Congress-controlled Parliament itself. This week when Food Minister A. P. Jain tried to gloss over the nation's acute food shortage with bureaucratic doubletalk, he was hooted down by Congress Party M.P.s. When Finance Minister T. T. Krishnamachari announced sharp increases in taxes on railway fares, gasoline and vegetable oils, the Congress benches moaned, denounced their own new budget as a program designed to "soak the poor." Said one Congressman in Bombay: "It's getting fashionable to be anti-Congress...
...confidence, however, is not shared by many another Indian, including even some of Nehru's ministers. The Second Five-Year Plan is under a heavy barrage of fire. Mahalanobis, critics found, had underestimated the cost of needed new railroad mileage by a whopping $1.4 billion. Industries Minister Krishnamachari, bemoaning the dearth of skills in India's vast untrained manpower pool, despaired of attaining the plan's steel production goals. "Finding personnel for the new steel plants," he said, "looks like a superhuman task...