Whose Idea of Monetary Policy


rightness in reporting performance. STC's sales in the quarter were Rs 61 crores against Rs 167 crores in 1968-69 and Rs 100 crores in April-September 1969. The entire improvement in performance was, however, due to imports (Rs 127 crores during April-December 1969 against Rs 114 crores in 1968- 69). Exports by contrast are lagging behind (Rs 30 crores during April - December 1969 against Rs 48 crores in 1968-69), though STC hopes to make good the shortfall in the remaining quarter of 1969-70. The main shortfalls in exports arc in respect of railway equipment, chemicals and general products. Imports under all categories show substantial increase.