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dated September 13, 1958: Economic development

“It is the firm policy of the Government of India to encourage the development of industries in the private sector”, declared Mr. Morarji Desai, India’s Finance Minister, in New York on September 11. He made this statement at the reception given by the Far East American Council of Commerce and Industry, when he detailed the role of private capital in India’s economic development. He said, “In the first decade of our independence, we have achieved certain things. Our industrial production has been rising every year by something like a per cent till recently. Actually, the increase is much more, for the index only records the increases in industries which have already been established, but does not reflect the qualitative increase in our industrial production.”

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