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

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Continuing Recession

liven then, coming back to India, she has to prepare herself to face a situation where her access to IDA finance will be severely curtailed. Whereas in the past India was allocated as much as 40 per cent of the IDA credits (in fact, this has been the principal source of external aid received by India since the mid-sixties), now 40 per cent of the IDA funds would be shareable between China and India together. Thus, from July 1984 India must not expect to be in a position to tap this source or foreign exchange anywhere near on the scale reached in the past. While it is only right to face the situation forthrightly and not have any illusions about a last minute breakthrough, it also becomes necessary to make a realistic apprisal of the import capacity the country would, in the changed circumstances, really possess. Development castles built in the air can only meet one late, that is to crumble.

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