I have no intention of giving a certificate, about which my Honorable friend, Dr. Krishnaswami, was talking some time ago, since anything like certificate being a given by any Member of the business community is likely to be misunderstood. But the fact remains that impartial observers both here and abroad have testified to the soundness and stability of our finances which have successfully withstood severe stresses and strains of the changing economic factors, both national and international, and for this the fullest possible credit is due to the wise handling of the situation by our present Finance Minister. There have been criticisms on both sides. Some have described the Budget as pro big business, as something which has brought about a boom in the stock exchange and as something which has brought about satisfaction in the business circles. The fact is that if there has been any satisfaction, it has been due purely to negative features of the budget and not because any positive relief in any direction has been given to business or industry. It is true that there were certain fears in the minds of the business community that in view of the expanding and growing needs of the Centre, the Finance Minister might resort to certain further additional taxation and since those fears were not realised, there has been some slight recovery in certain stock exchanges, but that does not in the least mean that whatever relief and Legitimate relief was due to the business and industrial community has received any adequate response from the Finance Minister. We have got to face the fact that we are at present engaged in the process of development, People who talk about U.K. and U.S.A. conveniently forget that these are the most highly industrialised countries in the world and our taxation system, so long as we are engaged in expanding and building our economy must be adjusted and linked with the requirements of the expanding economy and should not be compared with the high taxation levels that may be prevalent in U.K. and U.S.A. Friends have talked about unemployment. But whether the raising of the direct taxation levels will in any way mitigate unemployment is a question that should be considered. If the Finance Minister gives substantial relief in direct taxation, I think that might lead to an acceleration in the pace of development. So, it has to be considered whether it is relief in taxation which will lead to a reduction of unemployment or whether it is raising of taxation to the utmost levels which will dry up the resources and channels of capital formation and thereby not only retard all further development but might also throw the functioning of present industries out of gear. So, my submission is that when the Taxation Enquiry Committee has been appointed, it is only logical to expect that no substantial changes in the taxation structure will be made until the findings of that Expert Committee are known, until we know the incidence of taxation in the various sectors of our economy.Now, coming to the question of deficit financing, I am afraid that my esteemed friend's attitude was somewhat different from the line of opinion in the business and industrial community. Not that we advocate deficit financing for bringing any artificial rise in prices, but the fact is that those who have criticized deficit financing have not suggested any other alternative, or made any other constructive suggestion which will bring about necessary development plans. After all, the fact has got to be faced that whatever programmed we have set out in the National Plan should go on unimpeded by any financial considerations. An assurance has been given by the Finance Minister that so far as financial resources are concerned, he will ensure that the Five Year Plan will not in any way be retarded. In this connection, I can only say that deficit financing is one thing so far as the revenue budget is concerned, so far as normal expenses and expenditure are concerned. Certainly nobody would advocate deficit financing which might be very undesirable. But when it is a question of doing something abnormal, of investing something in productive channels then certainly some risk has got to be taken and I think the Finance Minister has been fully cautious in taking whatever measures he has, so far. We know the measures that the Government took for contracting money supply about the end of 1950 and certain other measures adopted which brought about a slump. Also, from time to time, the Finance Minister did not hesitate to mop up the surplus, which, as the records would show, has been about Rs. 300 cores during the past four or five years. I have no intention of giving a certificate, about which my Honorable friend, Dr. Krishnaswami, was talking some time ago, since anything like certificate being a given by any Member of the business community is likely to be misunderstood. But the fact remains that impartial observers both here and abroad have testified to the soundness and stability of our finances which have successfully withstood severe stresses and strains of the changing economic factors, both national and international, and for this the fullest possible credit is due to the wise handling of the situation by our present Finance Minister. There have been criticisms on both sides. Some have described the Budget as pro big business, as something which has brought about a boom in the stock exchange and as something which has brought about satisfaction in the business circles. The fact is that if there has been any satisfaction, it has been due purely to negative features of the budget and not because any positive relief in any direction has been given to business or industry. It is true that there were certain fears in the minds of the business community that in view of the expanding and growing needs of the Centre, the Finance Minister might resort to certain further additional taxation and since those fears were not realised, there has been some slight recovery in certain stock exchanges, but that does not in the least mean that whatever relief and Legitimate relief was due to the business and industrial community has received any adequate response from the Finance Minister. We have got to face the fact that we are at present engaged in the process of development, People who talk about U.K. and U.S.A. conveniently forget that these are the most highly industrialised countries in the world and our taxation system, so long as we are engaged in expanding and building our economy must be adjusted and linked with the requirements of the expanding economy and should not be compared with the high taxation levels that may be prevalent in U.K. and U.S.A. Friends have talked about unemployment. But whether the raising of the direct taxation levels will in any way mitigate unemployment is a question that should be considered. If the Finance Minister gives substantial relief in direct taxation, I think that might lead to an acceleration in the pace of development. So, it has to be considered whether it is relief in taxation which will lead to a reduction of unemployment or whether it is raising of taxation to the utmost levels which will dry up the resources and channels of capital formation and thereby not only retard all further development but might also throw the functioning of present industries out of gear. So, my submission is that when the Taxation Enquiry Committee has been appointed, it is only logical to expect that no substantial changes in the taxation structure will be made until the findings of that Expert Committee are known, until we know the incidence of taxation in the various sectors of our economy.Now, coming to the question of deficit financing, I am afraid that my esteemed friend's attitude was somewhat different from the line of opinion in the business and industrial community. Not that we advocate deficit financing for bringing any artificial rise in prices, but the fact is that those who have criticized deficit financing have not suggested any other alternative, or made any other constructive suggestion which will bring about necessary development plans. After all, the fact has got to be faced that whatever programmed we have set out in the National Plan should go on unimpeded by any financial considerations. An assurance has been given by the Finance Minister that so far as financial resources are concerned, he will ensure that the Five Year Plan will not in any way be retarded. In this connection, I can only say that deficit financing is one thing so far as the revenue budget is concerned, so far as normal expenses and expenditure are concerned. Certainly nobody would advocate deficit financing which might be very undesirable. But when it is a question of doing something abnormal, of investing something in productive channels then certainly some risk has got to be taken and I think the Finance Minister has been fully cautious in taking whatever measures he has, so far. We know the measures that the Government took for contracting money supply about the end of 1950 and certain other measures adopted which brought about a slump. Also, from time to time, the Finance Minister did not hesitate to mop up the surplus, which, as the records would show, has been about Rs. 300 cores during the past four or five years. Submit