INDIA'S FINANCE.

Taranaki Daily News, 4 March 1920, Page 5

INDIA'S FINANCE.

UNCERTAINTY OF EXCHANGE. BRIGHT FUTURE PROMISED, By Teleeraph—Press Assn.—Copyright. Received March 3, 7.25 p.m. Delhi, March 2. The Financial Minister presented the Budget. He stated the Afghan War and the frontier opertnions cost £15,000,000, causing a deficit of £14,500,000, instead of an anticipated surplus of £500,000. He anticipated that tlie revenue for the current year would be £42,000,000, which would leave a surplus. No new taxation was proposed, but a loan was foreshadowed. Reviewing the past year, the Minister referred to the improvement in freightage, traffic facilities, and the growth of exports and imports. There was a remarkable growth in company promoting,' all indicating financial and industrial expansion. Dealing with the currency question, the Minister said that until the sterling regained its parity with gold, India would oe saddled with n fluctuating standard of value. It would be impossible to give any definite gold value to the rupee while restrictions on the movement of precious metals continued indefinitely. Based on the figures for the coming year, his belief was that there would be no general set-back to the general prosperity, and revenue would continue to expand. The proposed loan would be fifteen crores or rupees, which, it was hoped, the public would cordially support in order that the Governmeiit*s programme might be carried out. The Minister took a bright view of India s future.—Reuter Service.