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dated July 2, 1958: India’s economy

Mr. H.V.R. Iengar, Governor of the Reserve Bank of India, addressing the Progressive Group in Bombay on June 30, said that if the foreign exchange situation in India could be described as a crisis, it was one which, whatever the ups and downs shown by weekly statistics (and there were bound to be ups and downs), would last for some time. He added that the country must make up its mind, both emotionally and in the ordering of its daily life, to adjust itself to it and to live with it courageously and with hope for the future. He said that it was necessary in discussing the difficulties in our foreign exchange situation not to confuse issues and to feel apprehensive about the soundness of our currency. The foundations of our economy were steadily becoming stronger day by day. “In fiscal and monetary management, the authorities have shown great firmness. In terms of the inherent economic strength of the country the Rupee is as sound as it ever was, and indeed all economic indicators show that the overwhelming mass of the people are well aware of this.”

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