INDIAN BOURGEOISIE AND FOREIGN CAPITAL 21 28 K T Shah, op cit, p 5. 29 Ibid, p 15. 30 The members were: Jawaharlal Nehru (chairman). Sir M Visvcswaraya, Sir Puroshottamdas Thakurdas, Dr Mcghnad Saha, A D Shroff, A K Saha, Dr Nazir Ahmcd, Dr V S Dubey, Ambalal Sarabhai, Dr J C Ghosh. Subsequently the following were included: J C Kumarappa, N M Joshi, Radhakamal Mukhcrji and Walchand Hirachand. 31 K T Shah op cit, p 12. 32 Ibid, p 57. 33 "...the State may encourage private capital to start such plants by guaranteeing interest for a period of years, imposing heavy duties on foreign articles...". Excerpt from Resolution (vi). passed at the session while accepting the Final Report of the sub-committee on Engineering Industries, ibid, p 77. 34 Ibid, 35 "On principle we are opposed to monopolies in private hands. ... We recognise, however, that in certain industries it may be inevitable to combine manufacturing units for the purpose of better economic organisation or selling organisation with a view to prevent profiteering on the one hand and unhealthy competition on the other. In all such cases the units -or combines should be under adequate State supervision and control." Ibid, p 80, 36 Ibid, p 100. 37 Ibid. p 102 38 Ibid, p 102. 39 Ibid, p 78. 40 The short-lived Congress-Muslim League government set up between August 1946 and August 1947» », 41 Report of the Adiisory Planning Board, Government of India, 1947, page 17. 42 Ibid, 43 Ibid. 44 Ibid: p 66. 45 Industrial Policy Statement, Government of India, 1948. 46 Report of the Advisory Planning Board, p 17. 47 Industrial Policy Statement, 1948. 48 Quoted in Investment in India—Conditions and Outlook for United States Investors, U S Department of Commerce, U S Government Printing Oflice, Washington, 1953. 49 Ibid. 50 Ibid. In another document. Factors Limiting US Investments Abroad, U S Dept of Commerce, Washington, 1954, which made a detailed analysis of the various obstacles facing prospective U S investments, the concluding remarks give India quite a clean chit: "The obstacles to some types of US private investments are on the whole less in India than in many countries of the world", p 112. 51 Speech of Sir Rahimtoola M Chinoy, Proceedings of FICCI Annual Meeting^ March 27-28, 1943, p 65. Chinoy wanted all British investments in India to be repatriated with the help of India's sterling balances. G D Biria wanted "all British investments in India to be repatriated", reproduced in G D Biria, The Path to Prosperity, Allahabad, Leader Press, 1950. 52 A resolution was moved by G D Biria and accepted unanimously in the FICCI annual meeting in 1946, excerpts from wliich read: "For early supply cf capital goods negotiations should be started with U K, U S A and other countries and also arrangements made to secure hard currencies for purchasing goods in non-sterling areas, if necessary by raising a temporary loan in America, ...special attention should be taken to encourage manufacture of capital goods in the country itself, by giving bounties and other forms of assistance and arranging itxxport of technicians also from countries like Germany and Czechoslovakia." Resolution No 3, Proceedings of the 19th Annual Meeting, FICCI March 30-31, 1946, New Delhi.