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

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Banking-The Non-Conformist

April 8, 1972 idea of setting up export zones for manufacturing products for export. The idea of export zones itself is not new, but its suggestion in the context of the pharmaceutical industry is certainly interesting. Usually it is industries which are likely to export all or most of their output which are considered for location in export zones. The pharmaceutical industry, however, exports less than 5 per cent of its output. A V Mody's stipulation that the units in the export zone, which are to be allowed liberal access to foreign exchange for imports, should earn net foreign exchange of 25 to 30 per cent is not unattractive considering that quite a number of our socalled non-traditional exports, which qualify for incentive import licences, contribute much less than that in terms of net foreign exchange earned.

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