Page:Indian Journal of Economics Volume 2.djvu/589

ECONOMIC DE VELOPMEN?I' Wha? we have ?o do is to le? our imagination play.upon ?he vss? possibilities of ?he future snd ?o bu? csreful plsns fo reslise our visions. formed, le? us wi?h no less boldness execute them. There comes then at once the ques- tion o! finance; and it is in this spirit of boldness, tempered by careful consideration of what the condi- ticns render practicable, that I the financial position of India make bold Our plans proceed ?o proceed to examine and the ways and means of financing large development measures. Financial Position of India It is fortunate for us that at the comme. ncement of a period when large expenditures will be needed, the financial position of India is one of unassailable strength and unrivalled security. We owe a deep debt of gratitude to the successive Finance Members of the past twenty-five years who, assisted by rising prices, have with sedulous car9, extricated India from the .perpetual shortage of timds which then embarrassed her stalesmen. Whilst desiring ?o give credit where it is due it is also necessary to add that a policy of bold capital outlay is no loss consis- tent with a strong financial position than a policy of. conservation of resources and restriction of' borrowing. It is all a question of following good principles of, finance. Assuming that maintenance of the present strong financial position is absolufely tile over-ruling consideration, there need be no hesitation whatever about going forward with well considered expenditures, for every one of them will in due time bring its own reward,--some twofold, some an hundred!old before their benefits are exhausted. We need caution, not to stay us from action, but k? goad us to a thorough consideration of our proposals, especially a careful investigation o! ?e financial prospects o! each