Miscellaneous - This Day That Age   

dated July 7, 1958: India’s economy

Mr. S.K. Patil, Union Minister for Transport and Communications, addressing a large gathering of businessmen at the quarterly meeting of the Hindustan Chamber of Commerce in Madras on July 5 attributed India’s difficult foreign exchange position to her “over-trading” in respect of her programme of economic development. Because, on account of pitching their aim high, they had compressed progress within a ten-year period which even more resourceful countries could achieve only in 20 or 30 years. Mr. Patil appealed to the business community to stand by the Government in successfully carrying out the experiment of building up India, so that in their own life-time they could see the hard-won freedom consolidated.

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