Impact of PL-480 aid on India"s money supply and external debt - service obligations, a look ahead

480 counterpart fund, including generation and use in a long-term perspective, and concentrating on the time when imports come to an end. To orient this analysis, the expansionary impact on money supply caused by P.L. 480 counterpart funds during the years when food imports were continuing has also been examined. The author considers the problems of debt management and the threat posed by increased debt and interest payments to continuing economic development in India. The analysis should be useful to groups associated with food aid programs and their contribution to economic development.