Miscellaneous - This Day That Age   

dated June 21, 1956: TTK on production targets

Addressing the seventh session of the Central Advisory Council of Industries in New Delhi on June 20, the Commerce and Industry Minister, Mr. T.T. Krishnamachari, stressed the need for constant review, revision and readjustment of individual targets envisaged in the Second Five-Year Plan in the light of changing conditions obtaining in the economy. He said the most frequent readjustment would be required in regard to consumer industries. The increased demand for consumer goods was one that had to be met. "I for one have persistently maintained that austerity is a virtue which only the prosperous can indulge in. If economic progress is to have any meaning for the average Indian, he must be able to raise his standard of living and to afford some of those things which he has at least begun to clamour for. You cannot ask the people who are starving to tighten their belts. In fact they can afford no belts." Regarding the Industrial Policy Resolution, he said it was the outcome of a great deal of deliberation and hoped that it would set at rest the kind of internal argument which used to crop up over the respective roles of the private sector and the public sector. There was no point in the industrialists asking for this assurance or that. He would urge them to work with faith in themselves and faith in their country. Personally he had great faith in his country and was confident that it would pass from a semi-developed country to a fully industrialised one at the end of the Third Plan.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Cartoonscape
The Hindu Crossword No. 8635
Solution to Puzzle 8634
Hallmark of devotion
dated June 21, 1956: Nehru to fly in Viscount
dated June 21, 1956: TTK on production targets
Weather

Copyright © 2006, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu