Industrial production has been sluggish, but there are no acute shortages except in the case of steel. Of late, prices have been under pressure because of the heavy burdens on the budget. But the foreign exchange position is satisfactory, although imports are increasing rapidly. What causes us the greatest concern, however, is the mounting burden of refugees which in financial terms alone already amounts to some 20 per cent of our development budget in the current year and threatens to grow month by month.

In recent months, we have had to receive in India some 9 million citizens of another country. The responsibility for looking after these refugees is an international responsibility. I wish I could say that barring a few countries the response of the international community has been anywhere near commensurate with need.

While we have accepted for the present the burden of supporting the hapless people who have had to seek shelter on our soil, I hope my colleagues will not misunderstand me if I say that we expect these people to return soon to their homes and hearths in safety and honour and that we regard the cost of maintaining them as a responsibility of the international community which it must legitimately bear. I am grateful to ally those countries who have responded to the call of the United Nations High Commissioner for Refugees. But a great deal more needs to be done and done urgently; otherwise the very real and substantial prospects for rapid economic growth that the Indian economy otherwise faces are likely to be seriously jeopardised.

Sir, before I conclude, I should not not fail to convey to the Government and the people of Bahama islands our gratitude for the gracious hospitality and excellent arrangements made for this Conference. I am grateful to you for giving us a frank and clear account of the discussions in the group of ten which will assist us in assessing the situation and considering future action. “