ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Special Drawing Rights- On lce

73 and played a major part in the sizeable expansion of private sector investment activity in the two years, and particularly in 1972-73.
Incapable, apparently, of looking be- yond its own operations, the IDBI shows no awareness of larger factors influencing private investment. The results are to be seen in the way in which its operations in 1972-73 have turned out to be wide of its own expectations. In its 1971-72 Report, the IDBI had expected its disbursements to rise by about 60 per cent to Rs 152 crores in 1972-73. Actually, disbursements have stayed put at around Rs 107 crores. Similarly, the IDBI hud expected its disbursements of direct Joans to industry (other than for exports) to be Its 40 crores in 1972-73, whereas they have turned out to be just Its 25 crores. Had the IDBI had a wider perspective of industrial development, its assessments would not have gone so completely awry. Likewise, there would have been some forewarning in its Intent Report of the likelihood of industrial investment in key sectors again getting flattened out as a result of the cut-back in industrial investment in the public sector. Total Central government outlay on industry has been budgeted to decline by 5 per cent in 1972- 73 from Rs 979 crores to lis 929 crores. And thus was before the cut of Rs 400 crores in total Central government expenditure now proposed as an anti-inflationary measure.

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