Miscellaneous - This Day That Age   

dated July 9, 1958: Stepping up exports

Mrs. Tarakeshwari Sinha, Union Deputy Minister for Finance, addressing the members of the Southern India Chamber of Commerce in Madras on July 7 said that the problem of foreign exchange had been baffling the country for quite some time. There had been a steady deterioration in the foreign exchange position towards the end of the First Five-year Plan and last year it became very disturbing indeed. “I will only say that Government are fully seized of the problem and are making all possible efforts to augment our foreign exchange resources and to reduce to the minimum the foreign exchange expenditure,” she added. Mrs. Sinha said that any demand by a section of the community such as organised labour to improve its relative position in terms of real income (without a corresponding increase in its productivity) would only result in stresses and strains on the economy.

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