You are on page 1of 12

l &r a T I T m9m 8, T m2m w3w 3 % a m ~ k ~ r m f h ~ ~ % ~ m ~ t r m d

W rn "mi" m T % & kd

"Much has been said about the debt trap. I heard responsible members speaking that we are going into the debt trap. Well, I do not understand that; if that is so, then the Finance Minister must have given the wrong figures. If I can rely on the figures given by the Finance Minister in his budget speech, in 1990-91, our external debt grew by S billion dollars; in 1991-92, it grew by a million dollars; in 1992-93, it grew at the same rate; but this year in the first six months, it is only 300 million dollars; that is one-tenth; that means the rate of growth of external debt is arrested. If that is so, are we going closer to debt trap or are we going out of it? If these figures are wrong, please tell me. No logic can prove that we are going closer to the debt trap. In fact, due to the measures taken by the government, we are going our of debt trap. Further more, we are repaying the IMF instalment well ahead of schedule. I congratulate the Finance Minister on that. This is a reality then where is the question of country and economy being in doldrums; so many jargons have been used, I do not know. I do not know why few of the members questioned about the employment exchange figure. Even one or two members from this side were also saying. The persons registered in the employment exchange is an indicator of the unemployment in the country. It is not that all the unemployed are registering in the employment exchange. It is also not true that all those who are registered in the employment exchange are unemployed. Many of the persons, I know myself, registered in the unemployment register have some employment. But, however, the number of persons in the employment register is an indicator of unemployment. Ifby one year there is a decline of 1.4 per cent in the number of persons in the employment register, why do you feel shy of accepting it as a result of the new measures by the government?" (Prof. P.J. Kurien, Speech in Lok Sabha, 19.03.1994)

"Much has been said about the debt trap. I heard responsible members speaking that we are going into the debt trap. Well, I do not understand that; ifthat is so, then the Finance Minister must have given the wrong figures. If I can rely on the figures given by the Finance Minister in his budget speech, in 1990-91, our external debt grew by 8 billion do!lars; in 1991-92, it grew by a 3 million dollars. in 1992-93, it grew at the same rate; but this year in the first six months, it is only 300 million dollars; that is one-tenth; that means the rate of growth of external debt is arrested. If that is so are we going closer to debt trap or are we going out of it if these figures are wrong, please tell me. No logic can prove that we are going closer to the debt trap. h fact, due to the measures taken by the government, we are going out of debt trap. Further more, we are repaying the IMF instalment well ahead of schedule. I congratulate the Finance Minister on that. This is a reality then where is the question of country and economy being in doldrums; so many jargons have been used, I do not know.
I do not know why few of the members questioned about the employment exchange figure. Even one or two members from this side were also saying. The persons registered in the employment exchange is an indicator of the unemployment in the country. I t is not that all the unemployed are registering in the employment exchange. I t is also not true that all those who are registered in the employment exchange are unemployed. Many of the persons, I know myself, registered in the unemployment register have some employment. But, however, the number of persons in the employment register is an indicator of unemployment. If by one year there is a decline of 1.4 per cent in the number of persons in the employment register, why do you feel shy of accepting it as a result of the new measures by the government?

(Prof. P.J. Kurien, Speech inLok Sabha, 19.03.1994)

You might also like