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dated June 7, 1958: India’s foreign exchange

India’s foreign exchange position has become “a little serious” in recent months, said Mr. B. Gopala Reddi, Union Minister for Revenue and Civil Expenditure, while inaugurating the twenty-fourth annual general meeting of the Mahratta Chamber of Commerce and Industry in Poona on June 5. India had been drawing over rupees seven crores worth of its foreign exchange earnings every week during the last few months. He expressed the hope that during the coming years it would be possible for India to get more foreign assistance and rehabilitate its foreign exchange position. Meanwhile, he said, the people should be prepared for “more sacrifices.” Mr. Reddi stressed the need for increasing production in the country and stepping up exports with a view to meeting the foreign exchange difficulty.

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