I would like to welcome you to this meeting of the Central Advisory Council on Trade. We are meeting at a most opportune time when we are in the middle of our preparations for the next import and export policy. At this stage, your suggestions and ideas would be most welcome. We are all aware of the fact that recent developments in the world economy have reduced the availability of resources from other countries to finance the process of development. There is great reduction of process of development. There is great reduction of foreign aid programmers and the terms on which resources from outside the country are available have become difficult. Even other source of commercial loans has become costly. The choice that remains is to manage the balance of trade position not so much by curbing the growth in imports which would reduce investment and production. There can be little doubt that export earnings would have to finance larger proportion of our imports and hence the shortage in our balance of payments. It follows that the position of exports at the present stage in India cannot be more. There can also be little doubt that it would be desirable to save foreign exchange by increasing our domestic production, wherever it is cheaper, in terms of domestic production, whenever it is cheaper, in terms of domestic resources used. Towards this objective, it is necessary to follow the existing policy. The scheme of trade policies is an important one there is however, close relationship between the trade policies and to her policies which determines the performance of the economy as a whole. It shall be the performance of the economy as a whole. It shall be the duty of the new Government to come forward with more liberal set of policies in the field of finance, trade and industry by closer understanding of the concerned departments.