Miscellaneous - This Day That Age   

dated July 6, 1959: Reserve Bank’s review

India’s international creditor position (taking both official and non-official sectors) registered a reversal in 1957, inasmuch as in place of being a net creditor to the tune of Rs.215 crores in 1956, it became a net debtor abroad to the extent of Rs.267 crores. The country’s net indebtedness rose further to Rs.648 crores at the end of 1958. This is revealed in a study on “Foreign investments in India: 1957 and 1958” published in the latest issue of the Reserve Bank of India bulletin which says that these changes reflect primarily developments in the official sector which, during the three years, 1956-58, suffered a dramatic change in its position.

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