WSN Service
NEW DELHI : Is the International Monetary Fund financing India’s militarization? It appears so from the manner in which the I.M.F. has been trying to bail India out of its current financial problems while this Hindu State remains busy with strengthening its’ security forces.
Despite a deficit of Rs 13854 crore on the current financial year’s revenue account India’s Sikh Finance Minister Dr Manmohan Singh allocated an increase of Rs 600 crore in the expenditure on security forces during the year. Thus India would spend Rs 16350 crores on the security forces alone.
The budget proposals disclosed that the security forces claimed the second largest chunk of non-developmental expenditure
The Minister also proposed that foreign companies could set up shop in India with 51% equity holding. Licensing system for all industries except for 18 specified industries has been done away with. The hit here to monopoly companies have been freed from asset limits. These companies also do not need any prior approval for setting up new units or expanding their operations. The Minister also proposed new taxes and levels worth Rs 2617 crore. There has been more than 20% increase in the prices of petrol and cooking gas and a substantial increase in the prices of sugar fertilizer and certain consumer goods such as color television audio and video motor cars air conditioners refrigerators etc.
Article extracted from this publication >> August 2, 1991
