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3101 Motion Re [ 18 AUG. 1966 ] Devaluation of Rupee 3102 SHRI

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3101 Motion Re [ 18 AUG. 1966 ] Devaluation of Rupee 3102 SHRI 3101 Motion re [ 18 AUG. 1966 ] Devaluation of Rupee 3102 SHRI LOKANATH M1SRA (Orissa) : 1 Prime Minister is here but none of the three would like to know whether the Govern- gentlemen is here—Mr. Asoka ment of India on their own did not invite the Mehta . constitutional representatives of the Nagaland Government or was it objected to THE DEPUTY CHAIRMAN : The Prime by the representatives of the underground Minister is here. Nagas ? If it is an objection from them and SHRI BHUPESH GUPTA : . Mr. that is why the constitutional Government Sachin Chaudhuri and also Mr. Subra- has not been invited, would they reconsider maniam but I leave him for the present but it ? this is a matter connected with devaluation. The head of the Government is here, it is SHRI DINESH SINGH : At this particular good. time the Chief Minister of the Nagaland Government could not come because, as the SHRI LOKANATH MISRA (Orissa) : House is aware, they have had some She will not sit through. important business in their own Assembly but earlier also when all these talks were SHRI BHUPESH GUPTA : But as going on, on a number of occasions, the far as we are concerned, we would like to Chief Minister was in Delhi and we were have one of those two gentlemen. Now I am able to consult with them. told that the hon. Deputy Minister is there. I know that thing. I am very glad that he is all SHRI M. P. BHARGAVA (Uttar Pradesh) right there. But the trouble is : where is the : If I may be permitted, I will be voicing the Finance Minister ? (Interruptions) But this I feelings of most of the Members of the may tell you, Madam. 1 am not enamoured House if I congratulate the Prime Minister very much of Ministers, as you know very on the patient manner in which she has been well, but it is a question of propriety that carrying on the Naga talks. We are sure that when the matter of devaluation is discussed by her patient and persistent efforts, it would in this House for the first time, the Minister be possible to find a solution for the in-charge, or those who have been Nagaland problem in a peaceful manner advocating and guiding this policy should be within the Indian Union. present, and it is not good to treat us with only a Deputy Minister, a Deputy Minister THE DEPUTY CHAIRMAN : We go on formerly in the Home Ministry and now in to the legislative business. Mr. Gupta. the Finance Ministry. Now therefore can we adjourn ? THE DEPUTY CHAIRMAN : No, you will move the Motion because the Prime Minister is present in the House and the other Ministers will come in. SHRI BHUPESH GUPTA : That is partly a consolation. SHRI RAJENDRA PRATAP SINHA (Bihar) : I also like to express myself on this point. I am also supposed to speak on this subject, Madam, and I will not have the heart to speak if the Finance Minister and the Planning Minister are not there. I am very happy that the Prime Minister is here and we are obliged to her that she is here. I MOTION RE DEVALUATION OF THE would like to submit also that I have got great respect for the Deputy Finance RUPEE Minister and I am glad he is here, but I hope SHRI BHUPESH GUPTA (West Bengal) you will direct that the Finance Minister, : Madam, you have asked me to omve my and the Planning Minister, Shri Asoka motion. I am glad that the Mehta—the latter is a Member of this House also—should be present here 3103 Motion re [ RAJYA SABHA ] Devaluation of Rupee 3104 THE DEPUTY CHAIRMAN : I do not THE MINISTER OF STATE IN THE want to hear anything further. Mr. Bhupesh DEPARTMENTS OF Gupta will move his Motion. 1 do feci that PARLIAMENTARY AFFAIRS AND the Minister should have been here on the COMMUNICATIONS (SHRI Treasury Bench, but since the Prime Minister JAGHNNATHRAO> • Not correct. is here, you can move your motion, and the other Minister is coming in as stated by the SHRI BHUPESH GUPTA : The last Minister in the Department of Parliamentary meeting of the Congress Working Com-' mittee, discussed and dispersed without Affairs. adopting a resolution on devaluation. For the first time since independence, again, a major SHRI BHUPESH GUPTA : But for the decision of the Union Government of the fact that the Prime Minister is present— dimension of devaluation was not approved although she would not listen to us—1 would even ex post facto by the Working not have liked to move my Motion. Now this Committee of the ruling party, namely, the is a concession 1 am making to her, and I Congress. That in itself is a condemnation of have got it. 1 move : the act and also it points to the isolation of the Government in regard to the measure which has been taken. I know that the "That this House records its disapproval Congress Parliamentary Party has supported of the devaluation of the rupee by the it, or, in voting, has supported it. But that is Government as it is totally against national again my point of complaint. interests and is contrary to the Government's pronouncements in Parliament." The Congress Parliamentary Party, un- fortunately, had been presented with a fait accompli. So they would have no other 1 had to be very modest in wording the alternative but to signify their support to Motion because hon. Members—there are the measure ; otherwise it would not have veterans here—would not like very strong been supported at all. But with all my expressions used. But I would call it now in criticisms of the Congress Party, the my speech the blackest act of national Congress rulers, men in authority, and so betrayal since independence and I hope our on, 1 have some faith in the common sense Prime Minister will be good enough to note of our non-official Congress Members of that under her presidentship of the Council of Parliament. Ministers this has been committed, under the evil advice, the blackest ever act since Now devaluation has been carried out on independence had been done. American orders, and that is sought to be denied by the Government, and presently I shall invite your attention to what appeared This act has very far-reaching political, on the 6th of June in 1966 in the 'New York economic and social consequences in the Times' in a matter of hours after devaluation country, and devaluation has been carried out had been announced, or almost at the same in the style of a coup, planned in the United time : States of America, in New York and Washington, and executed in Delhi. For the "The United States and Internatiottal first time we have a major policy question Bank for Reconstruction and Develop- settled not in Delhi, but in Washington and ment have been pressing for Devaluation New York, not in consultation with the as one of the measures to get the Indian leaders of the Congress ruling party, but in economy moving. Increased western aid consultation, in the first instance, with for India's fourth five year plan had been foreigners in the United States of America. It held up until India acted on these recom- is no wonder therefore that up to this day not mendations." a single political party, I will repeat, not a single political party in the country has I read from the 'New York Times'. May I supported devaluation, not even the Congress now invite your attention to the London Party at the party level. 'Daily Telegraph' which reads as follows : "The decision in fact is believed not to have been his (Finance Minister's) but that of Mr. Subramaniam, the 3105 Motion re [18 AUG. 1966] Devaluation of Rupee 3106. Minister, and Mr. Asoka Mehta, the the Congress Working Ccmniittee it was Planning Minister, both of whom have discussed last month, and I hope the Prime recently visited the United States and have Minister will throw some light on this been firmly given their working orders by subject. One former Minister, Mr. T. T. the 'International Monetary Fund' Krishnamachari, who, I understand, was 1 read from the 'Daily Telegraph'. consulted about devaluation, but not the two other former Ministers, Mr. Deshmukh or Then 1 would invite your attention to Mr. Morarji Desai—not that I have got any another matter, that recently in a Congres- particular fascination for others, but one was sional Committee Mr. Thomas Mann gave consulted—and the advice of the former evidence in which he said that devaluation Finance Minister was—it was abou seven had been carried out—well, on the orders of days before devaluation was announced— or according to Americans' advice— and so that devaluation would be a wrong step, and on. it appears that he told the Congress Working Committee that it would open the flood gates Then here is a report in the 'Indian of economic slavery. At that Working Express' of 9th August, 1966, under the Committee meeting. Madam Deputy head "Washington" : Chairman, the Prime Minister and Mr. Asoka Mehta were all present, but none of them "An almost identical statement was spoke except Mr. Sachin-dra Chaudhuri who made with regard to devaluation by ano- neither understands valuation nor ther key official, Mr. Thomas Mann, understands devaluaticn. Well, he before a different committee." understands neither. He understands Company Law and Income-tax, how to Earlier, the report refers to the Passman sub- evade it.
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