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

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Foreign Exchange Reserves

trade surplus of Rs 72 crores in 1976- 77 against large deficits of Rs 1,222 crores in 1975-76 and Rs 1,190 crores in 1974-75. The rate of growth of exports has been maintainedit was 23.2 per cent in 1976-77 as compared with 21.4 per cent in 1975-76. Imports rose by only 16.5 per cent in 1975-76 and then actually declined by 6 8 per cent in 1976-77. In the first quarter of 1977-78, exports have risen by 10 per cent while imports have further declined by 13.5 per cent, resulting in a favourable trade balance of Rs 219 crores compared to a deficit of Rs 54 crores in the first quarter of 1976-77 and of 352 crores in the first quarter of 1975-76. The sharp fall in imports of food and fertilisers partly explains the decline in aggregate imports. But more important, as the Economic Survey for 1976-77 emphasises, the rela- tively low level of imports has been achieved "partly at the cost of investment for growth".

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