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India Faced By Crisis (N.Z.P.A.-Reuter —Copyright) LONDON, June 7. Drastic measures to halt the deterioration of India’s foreign exchange position are being considered by Indian Government experts, the “Daily Telegraph” New Delhi correspondent reported. The seriousness of the crisis and the steps to deal with it were explained by the Minister of Finance (Mr Desai) to a meeting of the Chief Ministers of States with the Prime Minister (Mr Nehru) presiding. The Ministers were told that no project would be started unless external aid or credits were specifically available. Any projects outside the third five year plan would have to be dropped. The correspondent said the foreign exchange crisis had arisen mainly from a steady drain on sterling reserves which had fallen to little more than £75.000,000.
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Press, Volume CI, Issue 29843, 8 June 1962, Page 16
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130DECLINE IN RESERVES Press, Volume CI, Issue 29843, 8 June 1962, Page 16
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