Over the last three years, five Western nations have supplied most of the foreign currency needed for India's economic growth. Last month the five, informally dubbed the "Aid to India Club," gathered in Washington to discuss India's newest needs. India had asked for only $1.5 billion over the first two years of its ambitious new five-year plan. In a move that startled the club's other members, the U.S. upped the ante, offered to put up $1 billion singlehanded—if the other club members would match the sum. Jolted and impressed, the other members (Canada, West Germany, Britain, Japan) sped home...
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