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

December 10, 1977 sound development strategy. The idea of building up an export sector, detached from the domestic market and subsidised to the hilt, is patently anachronistic to such a strategy. Talk of promoting exports of labour-intensive goods and goods manufactured by the small-scale sector in no way changes the position. Unless the development strategy gives a dominant role to the production of labour-intensive goods for domestic consumption, there cannot be substantial export of such goods. On the other hand, under a system in which production of such goods on a massive scale takes place domestically, export surpluses generated even on the fringe would be sizeable in terms of quantity and value, Also, these exports are likely to be more competitive and would not need such massive subsidies from the national exchequer as at present.

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