Madam, Deputy Chairman, When the House rose for lunch I was discussing the response of the public to the loan program of the Government and was trying to point out that it was rather a serious tendency in the sense that the response of the public had been proved to be poorer during the 10th plan period than during the 9th plan period. I was trying to point out that looking to the fact that the national income was raising and the people were becoming more conscious of a developing economy and the need to mobilise the resources more and more a contrary trend ought to have appeared and that in view of that this trend was disturbing. This trend is to be contrasted with the trend of the public regarding the call from the corporate sector for the investment of their money. Here we find that the shares of some of the new companies or of the old companies that are issuing new shares are oversubscribed at times to the 15 times the capital that has been asked for by the companies. So, here are two pictures on the picture of the Government asking the public to subscribe to the public loans and the other the picture of the response of the public to the corporate sector demanding investments from the public. While on the one hand there is an enthusiastic response to the demand from the corporate sector on the other there is a very poor response as far as the loan program of the Government is concerned. That is a matter of some concerned and I feel that the Government should pay more attention than just exhausting the people to save more and to hand over their savings to the Government as the honourable Finance Minister has done more than once. If it would have been merely a question of rediverting the money that is coming from the corporate sector to the public exchequer in the form of loans, perhaps the matter would not have been so serious then it would have been just a question of reallocation of the function between the public sector and the private sector. But I feel that there is a large amount of money which is just changing to some lucrative channels and that exhaustive. Why the response to the demand from the corporate sector is 15 times. This showed that 14 times that particular capital is not required by that company and if there had been some adequate step or measure whereby originally that money could have gone to the public exchequer to that extent, there would not have been any disappointment to the people who wanted shares but who did not get them and disappointment to public exchequer by not getting the response which it ought to have got. That, to my mind, leads to the question of the pattern of the rate of interest. In a developing economy and especially in view of the fact that a large number of companies are being floated today which have got an element of growth, thereby attracting so much capital towards them. The Government of India will have to take into consideration the question of the rate pattern of interest on their loans and to see whether something could not be done whereby the public will be directed to a large extent towards their loan program than hitherto. It has appeared in the press that the question of supply and want is being reconsidered and that offers are sought to be made more attractive. If in the same strain the entire question of loan programme is also considered, it may be possible that these loans also might be more attractive and thereby more capital which is today just changing the channels of profitable employment may be diverted to the public exchequer in the form of public loans. Then, there is a question of the State Governments performing their part which has been assigned to them during the 11th plan period. In this connection. I would like to draw the attention of the honourable House to a very important recommendation which has been made by the 11th Finance Commission namely the appointment of a high power commission to go into entire question of the allocation of financial resource I want between the Central Government and the State Governments. They have argued the whole case nearly one and a half pages in order to show why it has now become necessary that a high power commission should be appointed to go into this important question. According to the 3rd Finance Commission, the allocation of resources between the centre and the State Government was made at a time when planned economic development was not visualized. When the Constitution has framed the development of public sector new responsibilities which the States were going to assume and a plan era, were not properly visualized, and it was under these conditions that these allocations were being made.