Review of Management

DESPITE a large trade deficit of Rs 438 crores, our foreign exchange reserves increased by Rs 38 crores in 1973-74, exclusive of drawings from the IMF. We just managed to cope "with the difficulties on the external front in 1973-74, thanks to net external assistance of Rs 254 crores, larger imports from rupee trade areas, to which India had extended sizeable technical credits, and an impressive increase in exports. In the current year, however, the situation is altogether different. No doubt exports rose by 38.5 per cent, to Rs 2,343 crores, in the first nine months of the year. But imports rose much faster