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Implications of the 1992-93 Budget

D T Lakdawala In their present mood to appear market-friendly, the authorities often harp on the great liberalisations and exaggerate them, but there is equal need to remember the restrictions that have been purposely retained and to use them when necessary. We can only agree to dispense with them when they are not needed for facilitating rapid growth with equity THE 1992-93 budget is the second budget of Manmohan Singh. Unlike the first one it cannot be said to have been framed in haste. He had also adequate time and op- portunities to get well-acquainted with the trend of thinking of his own and other political parties. One can therefore legitimately presume that the proposals he has now made are indicative of the further lines the financial and international aspects of the new economic policy will take. The budget, therefore, deserves very careful consideration as an economic policy document.

New Policy Measures

D T Lakdawala The budget for 1991-92 by itself, if stuck to, will prove less inflationary than last year's but it has to be taken along with the impact of devaluation, the need to increase the export quantum, the pressure of increased costs on the prices of products, the likely increase in procurement prices of foodgrains, the lag effects of past inflationary pressures and the impact of the weaker monsoon.

NINTH FINANCE COMMISSION S AWARD I-An Overview

An Overview D T Lakdawala The major changes that were expected in the recommendations of the Ninth Finance Commission were in the inter-state distribution of the central transfers because of the new approach implied in the Commission's terms of reference which laid down two new procedures

Federal Financial Transfers-How Much Progression

Federal Financial Transfers How Much Progression? D T Lakdawala FEDERAL financial relations in India are a much discussed and debated subject. This bunch of eight studied essays on this subject by two eminent scholars of public finance and fiscal policy at this critical juncture when both the Ninth Finance Commission and the Planning Commission in its preparation for the Eighth Plan find themselves face to face with a severe resources crunch is welcome. Gulati has acquired considerable fiscal experience in his wide ranging associations with the Kaldor Report, the Sixth Finance Commission, several state taxation committees, and now as deputy chairman of the Planning Board, Kerala state. George is a member of the Expenditure Commission, government of Kerala and has acquired a reputation as a writer on fiscal affairs with tremendous patience for painstaking research. Their views are, therefore, entitled to deep consideration.

The Budget and the Plan

D T Lakdawala One of the foremost tasks of a budget is to ensure enough financial provisions for implementing the plan. The progress of the central plan on the financial front in real terms gives no cause for complaint. However, financial provisions for the states plans are inadequate.

Budget and Seventh Plan

D T Lakdawala Expenditure on the Plan is indicative of the new thrusts to mould the economy in such a way as to yield desired results. It is, therefore, important to examine the 1986-87 Budget from the viewpoint of the Seventh Plan.

1985-86 Budget and Seventh Plan

D T Lakdawala Is the size of the public sector Plan of such great importance that it should be persisted with at all costs? The answer is an obvious 'no', But if the planning process is to be taken seriously, apian which had the endorsement of the Central and state governments only eight months earlier cannot in its very first year be departed from without so much as a mention of the changes in the intervening period which call for this departure.

Budget and the Plan

D T Lakdawala There was an idea at one time of bringing out a detailed assessment of the working of the Annual Plan during the budget session, preferably along with the Economic Survey. An ambitious effort had made in the Planning Commission to start the work of annual forecasting, but it seems to have been given up. The budget contains, as one of its components, a 'Plan Budget' and a table is given about the broad allocations of state plans in the document 'Budget at a Glance, There is a danger that such fragmentary information put together may give only a rather partial and somewhat distorted picture of the Plan, but the risk is worth taking.

The Budget and the Plan

The Planning Commission, which could most authoritatively assess the progress of the annual plans, evalutes and comments on them when they become of historical importance. Fortunately, the budgets of the Central and state governments presents information on the financial progress of the Plan in the current year and the estimated expenditure on the Plan in the next year.

A Tax to End All Taxes

raw deal. They do not fight the police out of frustration, or at least not out of some immediate frustration. Today they can only be described as a section of the working class which finds itself unwilling to walk Britain's meritocratic treadmill of school, humble work and dole queue. Their failure rate in school is shocking because they do not care. Their unemployment rate is three times as high as that of the rest of the population because they will not take the jobs, such as bus conducting and hospital portering, which they are expected, by and large, to do. Through their continuous rebellion they have brought funds into the black community - large doses of money given to government and semi-government agencies which promise to tame them, discipline them and send them to earn a wage. They do not want these second-hand funds. If they have a perspective, it is a re-apportioning of the wealth of the country between the employed and unemployed, a revolution in the way work and wage are apportioned in this society, an overhaul of the institutions which grade British labour; it is a direct accountability of the forces of law and order to the communities they control.

Is There a Case for Tax Reductions and Concessions

Is There a Case for Tax Reductions and Concessions? D T Lakdawala THERE is now a general consensus that conditions in the Indian economy are ripe for a fresh effort to accelerate the rate of economic growth, Foodgrains production has reached a new record level and procurement targets seem easy to fulfil. Industrial raw materials and intermediate goods are in ample supply. After a very disturbing rapid rise, prices have dipped a little and are remarkably stable. The power situation has eased in many states after the grave shortages of two years ago. Industrial peace has been ensured. And yet, spite these favourable conditions, Austrial growth has hardly revived.

Financing of Universities in Gujarat

Financing of Universities in Gujarat D T Lakdawala K R Shah While the element of subsidy in total educatonal expenditure in India has increased, no serious attempt has been made to identify the activities which should or should not be subsidised. Also, no attempt has been made to measure the extent of subsidisation or to evaluate the benefits flowing from it. In this paper, the authors try to fill this void, with regard to expenditure on hostels.

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