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dated February 11, 1958: Parliament address

President Rajendra Prasad, addressing the joint session of Parliament on February 10 explained the difficulties encountered in the implementation of the current Five Year Plan, and called on the people to make sacrifices to enable the country to reach the objectives aimed at. He laid special emphasis on the need for more production, agricultural as well as industrial, which would earn and also help to reduce the foreign exchange requirements. Domestic savings were imperative to check inflation and provide internal resources. The President said that the fiscal and financial measures adopted by the Government have not only steadied prices, but also succeeded in registering slight fall towards the close of last year which was still continuing. There had been an appreciable decline in the balance of payment deficit. The President expressed his gratitude to all countries which had offered financial assistance, and made particular mention of the United States.

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