History of Dharmashastra (Ancient and Mediaeval Religious and Civil Law in India) v7.c96.s2.84

v7.c96.s2.84

The preceding table shows that in the last ten years, India has become indebted to the USA in the huge sum of 2655 million dollars (some payable in dollars alone and the rest in rupees if India chose that way). In the Third Plan USA has agreed to provide India up to 1045 million dollars i. e. at the end of the 15 years from 1951 India may owe to U.S.A. 3700 million dollars, that is roughly about 1756 crores of rupees (at Rs. 4¾ per dollar). India will probably owe a larger amount to all the other lending countries taken together. The most serious question is how and in how many years India will repay the debts that run into astronomical figures. The explanatory memorandum accompanying the Central Budget for 1961-62 shows that India's public debt stood at Rs. 949 crores on 31st March 1939. On the 31st March 1962 it will reach the huge figure of 5554 crores. Adding the liability of Govt. to repay various deposits placed with Govt. under the Post Office Savings Bank, National Plan Savings, Provident Funds, Saving Deposit Certificates etc. which account for Rs. 1868 crores, India's obligations would really come to 7422 crores of Rs. (5554+1868), at the end of March 1962 Our interest yielding assets are only Rs. 5725 crores. If we add to this huge sum the debts our Govt. will owe to U. S. A. and other countries as shown in the above table, at the end of the third plan India would be indebted in the colossal figure of about Rs. 11000 crores.