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