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

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An Exchange Rate Policy for India

An Exchange Rate Policy for India Nicholas Kaldor To secure proper compensation for the disadvantages of relative underdevelopment it is not enough to adapt the internal price structure to the internal cost structure; it is also necessary to adapt the internal cost structure to the external price structure. The latter requires not only the imposition of import duties which may be adequate to make, say, Indian steel competitive with imported steel within India but also to subsidise steel exports to the degree necessary to reduce die cost of Indian steel to the level at which Indian steel becomes competitive in the market outside India.

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