In order to make an impact on prices, we have agreed to import a large number of raw materials like cotton and oilseeds. The State trading Corporation has been given more and more responsibility in this matter. The new Cotton Corporation started its work in the middle of last year and I must say that it has begun well. Practically the whole of the cotton import is being undertaken by the Corporation. The Cotton Corporation has, also undertaken to purchase cotton indigenously for some of the local units. They have begun well. If they get more expertise and more experience in this particular field, they will certainly take on more and more work in the field of cotton purchase in the country and in the import of cotton as well. I feel that in the direction in which we want to go these are the new initiatives that we are taking.
Shri Akbar Ali Khan : Will there be an oilseeds corporation also?
Shri Y. B. Chavan : I am at the present moment talking about the Cotton Corporation. As far as the other thing is concerned, if there is any necessity, we shall certain undertake it. We considered the setting up of the Cotton Corporation necessary because of the large textile industry base in our country. That is the main thing.
Then, Sir, Mr. Sardesai made certain points. I heard his speech with great expectation and great care, but instead of our cliches, I only get cliches from his side. He merely said the relationship between rising wages and prices is a fact of life. He said: You better reject that outlook completely. I cannot think in terms of freezing the wages of workers. That is unfair, in my opinion, but certainly the wage-price spiral is a reality which they must not lose sight of. It is only taking a review of the economic conditions, as I have myself said in my speech. As regards the strong points of the economy as well as the weaknesses of the economy. I have tried to put a realistic picture of our national economy before you.
Shri S. G. Sardesai : I made some specific suggestions.
Shri Y B. Chavan : You made certain specific suggestions. We have acted on one or two important matters. One is, we are curbing the speculative elements in the grant of credit facilities. You said that there are monopolistic operations in this matter. Let me tell you that we are certainly trying to make a breakthrough in this regard. The large accounts of the nationalised banks are being very carefully gone into. Let me assure you that we are very particular about it and we are trying to see that the speculative elements do not take undue advantage of it.