ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Food Policy-Gone with the Wind

where there is a case for increasing the subsidy on exports, the import replenishment system is a singularly inappropriate instrument for the purpose. Apart from making imported materials available to a variety of completely inessential industries, the system fudges both the effective levels of export subsidy as well as the net foreign exchange earning by the beneficiaries. Despite all this, so much vested interest has developed around this scheme that over the years its operation has been 'made progressively more liberal.

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