656 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
and who have not yet been able to bring it round ?—My point is,even if we were in a position to go back within a measurable distance it would not be always wise or advisable to go back supposing we could.
I will come to that later on ; I am only trying to point out to you that it may be said the comparison you are stating here between India and the other countries is one which cannot stand as far as currency problems and conditions are concerned. So far as the “could” is concerned, I mean the difference between whether we should and whether we could even if they (those countries with depreciated currencies) wanted to they could not go back ?—Very good; you have put it much better than I could have.
Therefore if you compare India with the countries which got back to pre-war parity you find that those who could did go back to the pre-war parity ?—Yes, for instance England ; but there was also a strong current of opinion even in England that they should not.
I mean in spite of the strong current of opinion you refer to they have reconciled themselves to the pre-war parity and you do not hear much complaint now about having gone back ?—I could not tell.
You do not know, I see ; unless it can be said that those who went back made a mistake, there won’t be anything particularly objectionable aganist those in India who want to return to the pre-war parity ?—No, I don’t say that. I am really raising the question whether it is desirable.
Now regarding the desirability of it, lower down you say the view is wrong ; you say both these views are fallacious. You say the restoration of pre-war parity is not a restoration of the prewar price level. Now do you think that exchange should be used as a lever for attaining price levels ?—No.
Then, it does not appear to me very fallacious ?—No, I say this, although you cannot always say exchange and price level move together, yet ………
Excuse me, my question was, do you suggest that exchange should be used as a lever for adjusting price levels ?— No, I do not say that.