ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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From 50 Years Ago: Not without Returns

Vol IV, No 32 August 9, 1969

Not without Returns

Concessions under duress have to be made warily, for, the danger is that they might not fetch any returns. Days after the jute mill workers’ strike has begun, the Indian Jute Mills Association is in the process of using this paralysis of a major exporting industry to exact those concessions in excise and export duties on which it had been consistently turned down in the past months. Its diminished status, following its diminished membership (now at about 80 per cent) notwithstanding, this giant cartel might yet successfully use its stranglehold on a major exchange-earning source to link possible concessions to the striking workers with fiscal concessions. Leading financiers who are leading members of IJMA have resources not only to publish pious self-selling ads in Calcutta’s newspapers, but also to secure the intervention of none less than the Prime Minister to obtain their compromise offer of an interim relief. The irate Union Minister for Foreign Trade can do little besides getting them to agree, in principle, to an interim payment and to a non-connection between duty concessions and wage increases. Yet only a few days earlier he had been forced to assure that, of course, the additional payments by industry would have to be taken into consideration in judging its eligibility for duty concessions.

Updated On : 9th Aug, 2019

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