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dated February 14, 1958: Balance of payments

The gap between the country’s receipts and payments during the first half of 1957-58 amounted to Rs. 298 crores, having more than doubled from Rs. 126 crores during the corresponding period in 1956-57. A study entitled: “India’s Balance of Payments: First Half of 1957-58” published in the latest issue of the Reserve Bank of India Bulletin says: “The main source of finance for this large deficit was chiefly the foreign exchange reserves which were drawn down by Rs. 174 crores.” Stating that the continued high rate of imports was the principal reason for the deficit, the study says that a seasonal decline in exports and a decline in invisibles (including official donations) were also responsible to some extent for the widening of the deficit.

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