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Foreign debt scenario serious: Govindacharaya

VARANASI NOV. 26. The former BJP ideologue and noted `Swadeshi' thinker, K.N. Govindacharya, today said external interference in the country's polity could aggravate the matters if India did not control its ever burgeoning foreign debt.

Talking to UNI here, Mr. Govindacharya said serious problems could crop up if we failed to contain the increasing tendency of relying on foreign debt. Which he claimed, had already acquired unhealthy dimensions. The Central government was even approaching other countries and the World Bank to service foreign debt.

Criticising the present economic model of the country that laid more emphasis of foreign aid, he said it was most inappropriate for an agrarian economy like India.

The former BJP leader, further, underlined the need to take recourse in nationalist philosophy and create awareness in the masses if India wished to break away from debt.

Disapproving the market-based economy of the West for our country, he said the government should put restriction on imports to give impetus to Indian industries.

Mr. Govindacharya said agriculture was the backbone of Indian economy since more than 66 per cent of the population was based on it. ``The present polity has strayed from principles of public welfare and is centred around politics and self-service,'' he regretted. --UNI

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