INDIAN DEFICIT IN HARD CURRENCY
“ALARMING DECLINE OF DOLLAR EARNINGS” (Rec. 7 p.m.) NEW DELHI. Nov. 22. The Indian Minister of Commerce (Mr C. Neogy) told the Export Advisory Council that “the stimulation of exports to the hard currency areas must be the first object of our export policy.” Mr Neogy said that from April to August India had a deficit of about £ 10,000,000 with the hard currency countries, and that the actual deficit at the end of 1948 was expected to be much larger because of the need for food grains and machinery. There had been “an alarming decline” in dollar earnings, which had fallen from a oeak of £12,000,000 to about £4,000.00?) each month. He attributed this decline (1) to the fall in exports of raw jute; (2) to high prices, causing a decrease in other exports; (3) to difficulties of transport; (4) to the earning of dollars by some countries by importing decontrolled Indian goods and reselling them, even at a loss, to the United States.
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Press, Volume LXXXIV, Issue 25660, 24 November 1948, Page 5
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169INDIAN DEFICIT IN HARD CURRENCY Press, Volume LXXXIV, Issue 25660, 24 November 1948, Page 5
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