Western Europe- EMS Under Way

have the most intimate contact with the process of industrial development at the grassroots level, all the way from the conception and formulation of industrial projects through the various stages of their implementation to their eventual commercial operation in virtually the entire range of large-scale industries. What is more, it is evident from its annual report that the ICICI has the high-paid manpower resources to subject all this experience to careful analysis and to derive general propositions about the tempo and pattern of capitalist industrial development in the country and the prospects of such development in the future. Unfortunately, if such efforts are in fact undertaken within the ICICI, not much trace of them is discernible in the annual statement of the corporation's chairman. The statement consists essentially of a series of demands addressed to the government, such as that price and distribution controls on industry be further relaxed, that credit restraint not be allowed to hamper production, that the tax structure be 'rationalised', that steps be taken to foster the growth of the capital market, and so on. In this respect the speech is remarkably akin to what we are used to hearing from the spokesmen of pri vate industry.