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dated October 23, 1956: Nehru replies to Black

Prime Minister Nehru declared in Calcutta on October 21 that democracy and unrestrained private enterprise were incompatible in the modern world. Political democracy might be upset by too much concentration of economic power in a few hands. He was referring to the World Bank President Mr. Eugene Black's criticism of India's Second Five-Year Plan. Mr. Nehru said Mr. Black's viewpoints were in favour of private enterprise and broadly speaking such was the American viewpoint also. "Our Finance Minister has replied to him clearly and moderately, pointing out that with regard to our basic policy we have come to certain decisions. That is the position. The idea of equating democracy with private enterprise is, according to our thinking, not justified."

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