An agreement for a loan allocating Rs: 56.9 orores (GBP 30 million) of British aid to India wa signed in New Delhi today.
Shot of Mr. M.C.Kaul (Secy. Deptt Economic Affairs) and Sir Michel Walker (UK High Commissioner) seated.
Different shots of Sir Walker and Mr. Kaul signing the agreement.
Shot of Sir Walker & Mr. Kaul shake hand after signing the agreement.
Different shots of UK High Commission officials seated watching.
Different shots of Indian officials watching.
Different shots of Mr. Kaul speaking.
Different shots of Sir Michel Walker speaking.
Shot of Sir Walker & Mr. Kaul shaking hands as they get up.
Shot of Finance Ministry building. (North Block).
The Rupee equivalent has been worked out at the central rate of exchange viz. GBP 1 - 18.968.
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Background: An agreement for a loan allocating Rs: 56.9 orores (GBP 30 million) of British aid to India wa signed in New Delhi today.
The British High Commissioner, Sir Michael Walker, signed the agreement for the British Government, and Sri M.G. Kaul, Secretary, Department of ??? Affairs, Ministry of Finance, for the Government of India.
The loan, the UK/ India Maintenance Loan 1974 No. 2 provides for the import from Brition of non-project goods. Among these are raw materials, spare parts and components required tom service India's agricultural and industrial production.
The loan, like all British loans to India since 1965, is on the usual soft terms of British lending to India. It is free of all interest and service charges and repayable over 25 years, with no repayment due during the first seven years. This represent s a grant element of 75 per cent.
This is the first instalment of the GBP 75 million pledged by Britain for the year 1974/75 at the aid India Consortium in ?? this year.
SYNOPSIS: A recent UN survey has shown that India inspire of her rising exports (47.5% in the first three months of current financial year) will face the world's biggest balance of payments deficit amongst the developing countries due to the high oil bill. Consequently India is forcing a slow down in her imports. But most of the industrial nations are coming to her rescue. UK in the Aid India Consortium has pledged GBP 75 million in soft loans. 75% of which almost represents grant aid, First installment of the loan amounting to GBP 3 million was signed in New Delhi at a brief ceremony in the Finance ministry. Sir Michael Walker signed the agreement on behalf of the British Government and India's Finance secretary Mr. Kaul signed for India. The loan is valid for imports of goods from the U.K.