The following booklet titled “The Problem of Foreign Exchange” was published on May 8, 1961, and was authored by Professor C.N. Vakil. Before Independence, India had a surplus balance of payments, allowing the country to import goods required for necessary economic plans. However, the urge for economic development had grown post-independence, and various problems were hindering economic progress, such as population growth. In light of such a predicament,  the author states that it is improbable for a country to have excess savings to meet its development needs. Hence, foreign aid is crucial as it provides resources that can push economic progress. Nevertheless, it is wise to realise that countries have a limit to their capacity to provide aid to other countries. The author unveils the foreign exchange requirements concerning India and writes that it is vital for us to learn the art of selling our goods abroad. According to him, there is a need for a long-term export policy to solve our trade problems as it is not desirable to be dependent on other countries for resources. Hence, he provides suggestions that could expand the nation’s foreign exchange, such as launching a systematic export of manufactured goods, building foreign relations, strengthening research and development, etc.