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

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Police-All for Peace

application to the IMF, it parrots, word-perfect, the official justification for seeking the loan when it says, "it would be necessary to explore commercial and other forms of external finance over a period to permit changes to be brought about in the .structure of production which alone would ensure a stable balance of payments adjustment and simultaneously sustain even a modest rate of economic growth". Since the report has throughout confined itself to a descriptive account of the short-run economic situation during the period covered by it, this advocacy of "changes ... in the structure of production" is a complete non sequitur. It is not difficult, however, to guess what sort of structural changes the Reserve Bank has in mind. Here is the country's central bank lending its weight to the view currently as fervently held in New Delhi as in the headquarters of the IMF and the World Bank that investment and production for export offer the country its only hope of "even a modest rate of economic growth".

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