this as a unit he calculated the national income as
follows:
U.S.A..... 1381 I. IPs
Great Britain .. 1069 I. l?s
Japan .. .. 353 I. TJ's
U.S.S.R. .. .. 320 I. IPs.
British India .. 200 I. U's.
Since these calculations were made by Lord Stamp
U.S.S.R. has registered a phenomenal progress and
has caught up with the ILK. and U.S.A. while India
remains no better than she was.
The total wealth produced in British India in
1931-32 is estimated to be Es. 1,690 crores with pri-
mary production contributing a little over 52 per cent.
Famines have been more frequent and more intensive
than before. "India's famines have been severer, and
more frequent, its agricultural poverty has deepened,
its rural population has become more hopelessly in
debt; their despair more desperate.'*
MANIPULATION OF EXCHANGE
During World War I (1914-1918) India supplied
goods and services to Britain and acquired a large ba-
lance of trade of about 400 crores. After the war
ended, British Government manipulated the currency
and etxchange through the sales of Indian sterling
balances. The rupee rose to 35d. Within a short time
our well-earned balance of trade was wiped out. Ster-
ling assets were frittered away, the Britishers making
money at India's cost The Rupee slumped from 19d.
to 18d. The 400 crores which we had earned in four
years were lost in one.
Despite a countrywide protest the ratio was fixed
at 18d. The result was that India made a loss of 12J
per cent on exports. Britain gained an advantage of
17