Miscellaneous - This Day That Age   

dated December 22,1954: PM on economic policy

Prime Minister Nehru lent his powerful weight and prestige to the economic policy of the Government outlined by the Finance Minister, Mr. C.D. Deshmukh, in Parliament on December 20. He emphasised that the country, whatever one might feel, was definitely moving towards a socialistic pattern of society. It was ridiculous to compare Russia of today with India, though Mr. Nehru was quite willing for a comparison of India today with Russia seven years after her freedom. Mr. Nehru said it was inevitable that in an expanding economy in an underdeveloped country with limited resources the public sector must be growing steadily. He agreed, however, that the private sector, inasmuch as it could co-operate in the task of increasing production and providing employment, had a definite place in the economy of the country. The Government had demarcated the sphere for the private sector. The Prime Minister, who was intervening in the economic policy debate in the Lok Sabha, said he welcomed such a debate in the House, because it showed they were now rapidly moving away from the purely political plane into the social plane.

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