INDIAN BUDGET
IMPROVED CREDIT
DIMINUTION OF FLOATING DEBT
United Press Association—By Electric Telegraph—Copyright)
CALCUTTA, March 1
A vast improvement of India’s credit, a great diminution of the floating debt, and the strengthening of tiie country’s reserves, were features of the central budget presented to tub Assembly by Sir George Schuster, finance member who claimed that India had reached a position in public finance, challenging comparison with any other country. India had not only paid her way for the past two years but had provided [| balance of 415 lakhs for the reduction of the public debt.
Sir G. Schuster, however, revealed that there was a fall of 18 caores in the value of India’s exports, and a still great© decline in the quantities of cottofi and jute. Tea showed a rise in quantity and decline in value. Imports had notably increased. Between September 1631 and December 1932,1ndia imported £80,000,000 of gold, whereof thirty-five million were used to strengthen the Governments’ position by repaying debts and increasing tlie balances and currency reserves, towards setting upi a sound reserve bank.
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Hokitika Guardian, 2 March 1933, Page 5
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177INDIAN BUDGET Hokitika Guardian, 2 March 1933, Page 5
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