Trade revival in india

IT is now clear that there is a general revival of trade in India. His Excellency the Viceroy referred to this fact in his recent speech at the meeting of the Chambers of Commerce, and statistics relating to Indian imports and exports during the current year establish it beyond doubt. As a result of this trade revival, there has been an all-round increase in the customs, railway and other revenues of the Government of India and it may be reasonably expected that local governments will also be benefited to some extent. Nor can the people be entirely unaffected by the change, though the extent to which they are benefited will depend on the activities of the commercial and industrial classes. The Senior Trade Commissioner in India has, in his review of trade conditions in this country during 1923-24, pointed out how the UK could take advantage of the Indian situation. In our opinion, it was far more his duty to show how Indian merchants and manufacturers could utilise the opportunity to the best advantage of the Indian people. He says that during the previous year, the balance of trade in merchandise reached the unprecedented total of Rs 144 crore in India’s favour. This leads him to the conclusion that there is “an immense amount of latent purchasing power in the country which will be translated into actual buying if only manufacturers’ prices can be reduced.” There is nothing unusual in the fact that the trade balances have generally been in favour of India during the past years. India exports far more than she imports, for she is a debtor country and has to pay annually large sums in the shape of interest on sterling loans and in payment of salaries, etc., to foreigners employed in her services.