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

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An Archaeology of Shrouded Domination

Domination D S IT is six years since the destruction of the Babri masjid took place, six years since India witnessed its worst communal riots since the partition. This note intends to remember the destruction of the Babri masjid through only one shard of its subsequent history the disturbances at the WAC held almost exactly two years afterward from December 4 to 11,

Bank Deposits Creation and Leakages-Comment

Comment D S TWO comments have appeared in January 20 on V G Pendharkar's article on "Bank Deposits in the Indian Economy: Creation and Leakages" (Special Number, August 1967). Of these, the one by G Narayanan raises basically important questions about th- 'asset preferences' of saving units, though his argument, the way it is put, is not quite clear. Narayanan takes exception to Pendharkar's conclusion that the faster increase in deposits with non-banking companies would not affect the level and growth of bank deposits His justification is somewhat as follows: it is true that the amount of bank deposits that will flow to non-banking companies would come back to the commercial banks, via the non-banking companies' transactions, but when non- banking companies spend the amount obtained through deposits, it will give rise to further deposit accretion so that, in the result, aggregate bank deposits would be more than the initial level of bank deposits of the public by the amount of deposits diverted to the non- banking companies. Now, if the pre ference of the public as between currency and deposits remains unchanged, naturally the tendency would be for the public to restore the original ratio through reducing their holdings of deposits with the commercial banks.

Task before the Finance Minister

 rated by the General Election among non-Congress parties, not toeing the line meant losing caste, Thus, the P S P was bullied into a position, it detested for fear of appearing less oppositionist from Lohia's group. There was similar competition between Left and Right Communists So, even before Husain's Candida ture was formally announced, the "opposition" groups proclaimed their nominee. But it was still a bargaining gambit and Indira Gandhi was initially inclined to do business with them by accepting Subba Rao as Vice-President. But Morarj Desai, Chavan and Kamaraj put their fool down and ruled out a compromise. The issue having been joined. Indira Gandhi had to mobilise her party members. It was no secret that non-Congress groups were ban- king on the expected aversion of many members of the ruling party to a Muslim as the President. So she squarely joined issue with such thinking. She pointed out that failure to support Husain would be taken as a repudiation of the Congress idea of a non-denominational approach to politics. In the event the appeal yielded results. The average voter, including many non- Congress ones, could not countenance the rejection of a principle for which Gandhiji had paid with his life. No other argument would have gone home so well.
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