FINANCIAL CRISIS

Press, Volume C, Issue 29497, 26 April 1961, Page 13

FINANCIAL CRISIS

I India’s Foreign Reserves I (tpecM Crspdt NJiFJi.) I LONDON. April 25. . I India’s foreign exchange re- J I serves have sunk to their 1 1 lowest level ever, says the 1 - “Daily Telegraph’s • New ’ Delhi correspondent. On April < 2 15 they stood, at £Mm, hav- j E tag declined tty £«im since 1 t April 7. 5 < “■ WM >*«tast ttls bleak , | > f* hrM thc Indian Comm »-' 5 fty Gwr«l for Economic , C Amirs, from Washington, , C 2f* b,ck to tbe United J Kates His task was to plead 5 f®r more help at the meeting J 5P* India's major Western- i E block creditors arranged by , C th fLy° Bank on April 25. J 5 TP 18 immediate and urg- | to foreign aid in the 1861-42 financier year. It is ttse first year of India’s £ 8000 m third five-year plan. The bulk of the money is required to meet the balance of payments deficit arising out of commitments entered into in the previous five-year plan, and the repayment of outstanding loans. Only £t>n is actually required to bridge the “gap” ’ between foreign aid already i promised from all sources, in- ’ eluding the Soviet bloc, and 1 ; the total outlay deemed i necessary by India's planners I for projects in the coming’ year. i