Prime Minister: Indira Gandhi

The Age Of Stars

Partition, planning, aid consortia and nationalised banks.

Vol. XCVIThe edition of 1970 · The Planned Republic7 records

Prime Minister: Indira Gandhi
President: V.V. Giri
Finance Ministers: Indira Gandhi · Yashwantrao B. Chavan
RBI Governors: L. K. Jha · B. N. Adarkar · S. Jagannathan

Bank Rate

unchanged on 1969

Rupee per dollar

₹7.5

unchanged on 1969

Inflation

5.09%

+5.68 pts on 1969

GDP growth

5.16%

−1.38 pts on 1969

Reserves

$1,023m

+10.3% on 1969

External debt

$8,425m

No figure for 1969

automobiles / industrial licensing / public bank lending

Maruti affair (Sanjay Gandhi)

Maruti Technical Services Pvt Ltd was set up 1970-11-16 and Maruti Ltd was incorporated 1971-06. The commission found the industrial licence and state support were preferential. Only about 10–12 hand-made prototypes were produced. The company went into liquidation in 1977. Total public-money exposure not found.

ReportedOfficial record. Source: Wikipedia "Alak Chandra Gupta"; Maruti Commission Report 1978 (scribd copy, not read)

Trade & Tariffs

1 item

Industrial Licensing Policy (1970-02)

Larger houses" were restricted to a core and heavy-investment sector

A "joint sector" was introduced.

ReportedPeer-reviewed. Source: GoI press note 1970-02-18, as summarised in Bhagwati & Srinivasan 1975

The Ledger: what was borrowed in 1970

Full ledger →

Creditor	Instrument	Amount	US$ m	Status	Grade
Non-resident Indians	NR(E)RA non-resident external rupee account scheme introduced, Feb 1970			continuing (NRE)	verified
IBRD	FY1970 commitments	40 USD	40	amortising	verified
IDA	FY1970 commitments	227.5 USD	227.5	amortising	verified
IBRD	IBRD commitments in the decade	1,540 USD	1,540	repaid	verified
IDA	IDA commitments in the decade	5,602 USD	5,602	amortising	verified

Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.

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