Mr. Speaker, Sir, I am very grateful to all the hon. Members on all sides of this august House who have taken part in the debate on the Finance Bill. The Finance Bill forms part of the overall Budget, even though it deals only with the tax elements of the Budget. It was, therefore, quite natural that several hon. Members brought up general issues of policies, and the issues that they brought up are issues of profound importance to the future of our country. For example, reference was made to the primacy of agriculture. Shri Chandrakar brought out the massive problem of land and water degradation in our country which, if not tackled, will hurt the living standard of millions and millions of farmers living in our country on the edges of subsistence. Shri George Fernandes brought out the issue of regional imbalances, and these regional imbalances should be a source of concern to all segments of this House. Reference was made to the growing problem of unemployment. This again is an issue which ought to be the concern of all segments of this House. So, all these problems have been mentioned. The same way Shri George Fernandes specifically referred to the inadequacy of the infrastructure of power in Bihar, how it is contributing to the continued backwardness of potentially very rich State of the Union. All these are very live issues and these must be tackled if this country is to achieve its full development potential, if the aspirations of the people of this country for a better tomorrow are to become a living reality. But how is it to come about? I submit to this august House that these aspirations cannot be given a living reality if the fiscal mess in which we have got into, is not set right. India today has unsustainable fiscal deficit and this is a point on which all shades of public opinion, all shades of economists, are agreed. You can go on quarrelling as to how this fiscal deficit came about, how it gave rise to unsustainable foreign exchange deficit. But the real issue before us today is what steps are we going to take that this crisis is contained and that this crisis is, in fact, used as an opportunity to set in motion those forces of reforms which alone can see that this country's great development potential is made a reality? I submit to you that by presenting the Budget in this House six or eight weeks ago, I do not claim that I have performed wonders. But if you look at the situation that this Government inherited, it was a situation of almost certain default on international obligations. If we had not acted the way we acted, you have my assurance, India would have by now been declared a defaulter. What are the consequences of default? To know the consequences of default, we have to look around. What has happened in Latin America? What has happened in Africa? Once the country defaults on its international obligations, nobody would touch it. They have to import on a 'cash and carry' basis. Nobody gives credit. Even after that, I think, sooner or later, these countries end up with a hat in hand before their international creditors in the I.M.F. or Paris Club or London Club. We have prevented that situation. It has been the sincere effort of our Government that somehow we must keep the honour of this country intact and also our unblemished record of holding of our commitments intact. I think that unblemished record must be maintained. I do not submit to you that we have succeeded in doing that. But, I am not promising you that if this country goes on spending the way it has been spending and if everybody says that subsidies should be increased and if everybody says that the tax rates must be reduced and if the productivity of investment in this country remains as low as it is today. I do not promise you that there is divine law which would ensure that India would not face default, if we continue to do all these things. Therefore, all that I can say is that I have bought some time. This is the time we must use for retrospection, to set in motion those reform processes which would convert this crisis into opportunity. If we do not do that, I can assure you, you will face unemployment and inflation of the type you have never seen before in this country. I regret that I had to do what I had to do, in cutting the fertilizer subsidies. I wish, it had been done over a period of time and gradually. Yesterday, an hon. Member quoted a report of a very famous Agriculture Secretary and a gentleman from Karnataka and for whom I have great respect who had, in that report, clearly recommended that the fertilizer prices have to be raised and they ought to be raised gradually, over a period of time. Submit