COLLAPSE PREDICTED
FINANCIAL AND ECONOMIC POSSIBILITY IN INDIA (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 11. Sir Thomas Ainscough, Senior Trade Commissioner in India and Ceylon, in his annual report predicts India’s financial and economic collapse if the policy of increasing domestic production is extended. He says that if the system of maximum industrialisation is pushed to the lengths contemplated by Congress and the provincial Governments, it would result —first, in a serious clash of interest with the agricultural element, constituting 70 per cent, of the population; secondly, in a financial crisis because the Customs receipts represented 60 per cent, of the Central Government’s revenue; thirdly, inability to meet financial commitments in London and inability to maintain the exchange. It is pointed out that an enormous drop in the imports of cotton goods and manufactures_ had already resulted from the high tariffs, and the output of the Indian factories were soaring correspondingly.
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Bibliographic details
Otago Daily Times, Issue 23706, 13 January 1939, Page 8
Word Count
153COLLAPSE PREDICTED Otago Daily Times, Issue 23706, 13 January 1939, Page 8
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