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their price to Rs 89. Even this price leaves an incentive for smugglers and as important as the rise in indigenous production in augmenting supply of nylon yarn is the large-scale smuggling that takes place, the value of which is estimated at Rs 12-15 crores annually. Nylon yarn represents a curious paradox in industrial priorities. As a non-priority item, its import has been subject to stringent control and is permitted only against export earnings. But import control has also served to accentuate local scarcity and, in consequence, to raise profits, the high rates of import and excise duties notwithstanding. Thus, investors in Chemicals and Fibres (an ICI company), for instance, have done far better than those in priority industries.