South-South Conference-Attempted Diversion

per cent or more and the excise duty rebate extended to manufacturers who raise output of selected products,, once again, by 10 per cent or more. It is puerile to expect either exports nor industrial output, in the short period of 12 months, to be significantly elastic in regard to marginal changes in taxes. Inevitably, therefore, the upshot of these so-called incentives may well be claims to substantial tax relief through switching and transfer of exports or output as between different units, without any worthwhile impact on aggregate exports or output.