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- W244000404 abstract "The purpose of the present study is to review briefly the economic and financial developments in India in the latter half of 1949. The heavy trade deficit, incurred in the first half of 1949 was sharply reduced in the second half of the year and India's sterling balances which fell by about Rs. 2,000 million during January-June, remained approximately constant between June and December. Devaluation of the rupee by 30 percent in September was followed by an increase in Indian export volume, as well as value in terms of rupees, while imports were sharply curbed in the latter months of 1949 by severe administrative restrictions. In spite of the reduction in the trade deficit, relative stability was maintained in the internal money supply and in the price level. The most disturbing aspect of recent developments in India, has been the virtually complete stalemate in trade relations with Pakistan. A serious burden is imposed on India's internal finances by heavy military outlays which are associated in large part with the deterioration in Indo-Pakistan relations. Cabinet officials state only that the payments deficit for the year ending in June 1950 will be kept within the amount of the releases from India's sterling balances during this period. This, however, will represent a substantial improvement over the extreme imbalance in India's external accounts which developed during the last half of 1948 and the first six months of 1949." @default.
- W244000404 created "2016-06-24" @default.
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- W244000404 date "1950-03-17" @default.
- W244000404 modified "2023-09-27" @default.
- W244000404 title "Summary of economic and financial developments in India in the last half of 1949" @default.
- W244000404 hasPublicationYear "1950" @default.
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