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PGT: I ask you again to go back in time a little bit, if you recall, in the mid 1960s, in 1966 to be precise, before the country went in for a major devaluation of the Rupee, once again there was a major debate as to whether we needed to devaluate our currency at that point of time... Jagdish Bhagwati, and Prof. Srinivasan were on one side of the debate, and people like Prof. K N Raj, Prof. Sukumar Chakraborty were on the other side of the debate... When you look back on that debate now, should we have gone in for that kind of devaluation which we did in the middle 60s?

AKS: Well, I think, on balance I would tend to think that we probably did have to go for that devaluation. I wouldn't take a particularly strong position, you might recollect, at that time... partly because it is really not the subject in which I specialise, but also because, having what we were discussing just now, the currency valuation is, of course, a form of the various instrumentalities that you have to judge, the nature of economic planning-wise, but you have to judge them in terms of their impact, and the level of devaluation that could be very subtly combined with other policies, in the absence of those policies, could be very ineffective and may not serve its purpose at all. On balance I think probably devaluation was the right thing... not that I regard that as a central issue, I have to say. I think, for me, the central issue has been the lamentable lack to which you referred earlier, of the education, health care, and the quality of humanity, which affects the lives of the people, as well as the opportunity of economic and social change in the country. Devaluation is relatively a small matter in comparison.