ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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OBITUARY- Ravi Matthai

was in the currency component and the rest in deposit money, contrasting with 48 per cent expansion in currency and 52 per cent in deposit money in 1982, Though time deposits with banks rose by Rs 7,684 crore or by 17.4 per cent as compared with Rs 6,571 crore or 17.5 per cent in 1982, growth in M3 decelerated to 14.4 per cent from 16.8 per cent in 1982, reflecting the slower growth of M.

Industrial Growth Another Look

While India's performance in the industrial sector since independence is certainly impressive, there are some disturbing features and trends in the rate of growth of industrial production which call for serious attention. Most striking among these is the deceleration of the industrial growth rate and the sizeable underutilisation of capacities.

Corporate Investment in 1982-A Forecast

A Forecast C Rangarajan This paper attempts to make a forecast of the growth in private corporate investment in 1982. Corporate investment is taken to cover gross capital expenditures of all companies in the private and joint sectors. The study also provides a picture of the level and composition of corporate investment in

Private Corporate Investment in Gujarat in 1980 and Forecast for 1981

 3 Ruth Dixon, "Jobs for Women in Rural Industry and Services," USAID, September 1979. 4 E Boserup, "Women's Role In Economic Development." Allen and Unwin, London, 1970.

Corporate Investment in 1981-A Forecast

This paper attempts to make a forecast of the growth in private corporate investment in 1981 Corporate investment is taken to cover gross capital expenditures of all companies in private and joint sectors.

Corporate Investment in 1980-A Forecast

A Forecast C Rangarajan An attempt is made in this paper to forecast the growth in private corporate investment in 1980. Corporate investment is taken to include gross capital expenditures of all companies including joint sector companies.

Choice of Technology in the Sugar Industry

C Rangarajan A H Karlo Can we objectively determine the trade-off between 'rate of return' and 'employment'? One could possibly go from the potential surplus to actual surplus using a marginal propensity to save and then employing a capital-output ratio to determine the future rate of growth in output and employ- ment. Then this trade-off will be transformed into one between current and future employment.

Credit Policy and Production

C Rangarajan The rapid growth of bank credit during the last three months raises some important issues. The first question is how the commercial banks were able to extend credit which was way beyond the limits set by the Reserve Bank. The second and the more important issue is whether the policies and criteria followed currently by the commercial banks in determining the extent of credit for individual borrowers will ever lead to achieving the larger objectives of credit policy such as maintenance of price stability.

Corporate Investment in 1979 A Forecast

Corporate Investment in 1979: A Forecast C Rangarajan An attempt is made in this paper to forecast the behaviour of private corporate investment in 1979. Corporate investment is taken to include gross capital expenditures of all companies including pint sector companies. Government companies alone are excluded: This study also provides a picture of investment behaviour in 1978.

Private Corporate Investment in 1978 A Forecast

the tax, though it is not certain that the entire shortfall in income tax receipts, compared to the 1977-78 Budget Estimates, can be attributed to just this measure. What the change now proposed seeks to do is to withdraw the tax exemption of capital gains from re-investments in fixed deposits and to restrict the eligibility with respect to shares to only investments "made in equity shares of new industrial companies". So a big industrialist can sell his personal property at as high a price as possible and invest it in the equity of his newly floated industrial company and pay no tax at all. No questions are asked about how genuine is the new issue or how long must that investment remain locked there. In any case the industrialist concerned is in full control. So why bother? What a bonanza he gets, which others who placed their gains in fixed deposits and drew loans on their strength will hereafter be denied? I have frankly no sympathy for either group.

CAPITAL VIEW

of Kerala Joan P Mencher The purpose of this paper is to examine the nature of agrarian relations in the two main rice regions of Kerala, Kuttanad (a low-lying area covering parts of Alleppey, Kottayam and Quilon Districts) and Palghat, in order to examine one, forces interfering with production and, secondly, the elms relations that serve to impede a more equitable distribution of food and other commodities. The paper describes some of the striking contradictions in each area, and offers some tentative predictions for their future development.

Budget without a Focus

Budget without a Focus C Rangarajan For the first time in independent India, a Budget was being presented at the Centre by a non-Con- gress government. Both the Janata election manifesto and the utterances of some of the prominent leaders of the party had raised expectations that the Budget would look different from its predecessors. However, it has come to pass that the present Budget breaks no new ground and conforms to the pattern set by the previous budgets.

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