History of Dharmashastra (Ancient and Mediaeval Religious and Civil Law in India) v7.c96.s2.94

v7.c96.s2.94

Table 3 above (p. 1689-90) will convey some idea of the vast amounts of debts our country owes and will owe to U. S. A. and other countries. How and in how many years the nation will be able to pay back these debts with interest is to ordinary men a source of grave anxiety and an insoluble problem. Among the sources for the plan are included Provident Funds, Post Office savings bank accounts, National Plan Certificates &c. These are really debts, though not demandable on any one date or year. Deficit financing which did not form part of the central budget in past years has now become a regular item. The budget of the central Govt. for 1961-62 exceeds 1023 crores. For 1962-63 the revenues are estimated at 1329.87 crores of rupees and the expenditure at 1381.65 crores of rupees and it is announced that a total deficit of about 150 crores would have to be met partly by additional taxation of 60 crores and 80 lakhs of rupees. It must be remembered that most of these taxes are indirect and the major part of the income from such taxes is due to levies on articles of everyday necessity to common people who are already groaning under high prices of absolutely necessary commodities. The Bombay Government's Budget for 1962-63 intended to tax the poor man's *bidis* and *gur* (*jaggery*). About 7000 crores were put in the State sector in the 1st and 2nd Plan projects and 7500 crores are proposed to be spent in the Public sector in the 3rd plan period. Thus at the end of the 3rd Plan (in 1965-66) Government will have spent about 15000 crores of rupees. Tremendous power will be concentrated in the hands of ministers and the official bureaucracy. It is not generally known how Government has dealt with or will deal with this vast amount, what projects have been undertaken, which of them are completed, the cost of the completed projects, yearly yield from the projects that are completed, steps that are being taken to repay debts and to what extent. There are fervent appeals made by leaders to common people to co-operate with Govt. but the Govt. does not seem to be anxious to take people into confidence by widely circulating through newspapers, press-notes or otherwise information on the above mentioned matters. The vast sums spent on projects have caused inflation. Besides, during the two five year Plans population increased by 77 millions. This accentuated the problem of unemployment and on p. 47 of the book above referred to it is admitted that at the end of 10 years the backlog of unemployment is estimated at nine millions.