Indo-US Relations- Impermissible Passions

admits that imports financed through aid or commercial borrowings are needed to make up for lack: of domestic resources for investment. Given the fact that projects in high-priority areas like power, rail transport and coal are held up for want of resources, a perfectly respectable 'growth' argument can be advanced for borrowing abroad. The argument can be brushed aside only if there is credible effort to raise larger domestic resources and, even more important, to stop waste of available resources.