20 SOCIAL SCIENTIST 24 Ibid., p 95. We may briefly look at the "second view" expressed by a minority within the Hathi Committee, (i) It found, without rebutting the evidence contained in the report itself, that the share of foreign firms was only 40 per cent, and not 70 per cent. (ii) It pointed to the need for foreign equity participation in order to ensure regular flow of the latest technology. They neither cited examples to show that it was happening nor that alternative ways of obtaining such technology were infeasible; the question as to how many of the new foreign products were therapeutically superior to old ones was not even raised, (iii) It compared the dividend outflow of Rs 52 million to India's overall export earnings; such a comparison violates all elementary notions of cost-benefit analysis, (iv) Foreign subsidiaries are said to export more than their annual remittances. But this overlooks both under-invoicing of exports and over-invoicing of imports through the transfer price mechanism. The majority of the committee came out in favour of nationalizing the foreign firms in the industry. 25 PS Agarwala, P K Ramachandran and B V Rangarao, "Anomalies in Drug Prices and Quality Control", EPW 18 November 1972. •26 "MRTPCMayGet Powers to Combat Delays", The Economic Times (ET) 5 August 1974. 27 "Shoe Uppers Poised for Export Breakthrough ", ET 15 December 1975. 28 "Oil: Where are the Options?", EPW 4 November 1972. 29 See in this connexion Chandra, op.cit. yo K K Somani, "Coterie of Manufacturers Send Machine Costs Spiralling", ET22 October 1974. 3i N K Chandra, Monopolies and Industrialisation, 1976, (unpublished) , ch 2.