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Cotton Policy

two per cent of the unreserved seats in 1963-64. In the Council of States (which has no reserved seats) the representation of the Scheduled Castes has been increasing every year but it was only 4.7 per cent of the total strength of the House in 1963-64. Similarly, in the Legislative Assemblies the number of such Scheduled Caste members has been increasing but it is still only 0.4 per cent of the total unreserved seats in all the States. Finally, in the Legislative Councils, the comparable proportion is only 1.8 per cent of the combined strength of the Upper Houses of all States. In the case of Legislative Councils, the number of Scheduled Caste members that were nominated by the Governor has been given in brackets to show that the Scheduled Castes have not fared well.

Push through Political Storm

Push through Political Storm Nishtar THE stock market has pushed its way further up. Of course, it has not been easy going. It is indeed remarkable that the highly sensitive stock market should have managed to put up a firm appearance in a week of tense political drama. That it should have done so is an indication of its infinite capacity to interpret events to suit its mood of the moment

Impressive Rally

nature of the growth process. Second, rate of growth is dependent not on per capita aid but on the export performance of the countries, i e, there is a closer relation between national income growth and exports than between national income and per capita aid (pp 126-127). Third, emphasis on family planning programmes is essential to the success of development programmes (p 173). Fourth, despite the increase in the proportion of literacy, the absolute number of illiterate people have been increasing (p 179).

Further Retreat

Further Retreat POLITICAL and economic uncertainties have forced the sick and anaemic stock market to beat a further sharp retreat which brings it much closer to its January low. With Indira Gandhi continuing to emphasise day after day that bank nationalisation was only a small step towards the bigger goal of establishing a socialist society and that more measures were on the way, the stock market could not possibly have put up a steady front. Nor could the market be expected to take kindly to the threat of a thorough probe into private sector undertakings. The ideological warfare has been carried to a high pitch recently. The freedom fighters' convention, presided over by Home Minister Chavan, has urged Government to nationalise foreign banks, general insurance, import-export trade and private (foreign) oil companies. Political events have also been full of suspense. Unusual significance is attached to the outcome of the Presidential election which has further exposed the serious rift in the top Congress leadership. All this forebodes ill for the stock markets.

Speculators Defy Weather

Speculators Defy Weather Nishtar ON July 17 the spot quotation for groundnut oil in Bombay was bid up to Rs 4,950 a tonne

Unrelieved Gloom

by June 1967, this proportion rose to over 97 per cent (Table 6). On June 30, 1964, overdues exceeded the owned funds in four States (Assam, J and K, MP, and Rajasthan); within three years five more States fell into the same track. The problem is alarming in Orissa, Andhra Pradesh, MP, Mysore, Rajasthan and W Bengal. In UP, Bihar and Madras, overdues have increased enormously, and if the past trend continues they may soon exceed the owned funds of the societies.

Mood of Frustration

Mood of Frustration THE pressure of political events and shift in the Government's economic policy towards the left have forced the stock markets to beat a further sharp retreatAt their last week's lows the markets stood almost halfway between their June high and January low. Short covering and some replacement buying induced mainly by technical considerations and partly by encouraging corporate news and selected institutional buying imparted a measure of steadiness but the market was unable to make any significant headway as higher levels attracted tired bull liquidation. The sharp decline in the equity price index provides no indication of the market s sad plight. With forward trading banned, the market has to live on very lean diet and it presents a picture of utter frustration.

III-Advised and Unwarranted

III-Advised and Unwarranted Nishtar THE stock markets which had been in a state of gay abandon until a few days ago are now in mourning. The mood of reckless optimism has suddenly given way to a feeling of utter despondency. It is New Delhi's decision to ban forward trading on all the stock exchanges which has plunged the markets into grief. The official announcement, made on June 27 evening, came like a bolt from the blue and the avalanche of panicky selling that swept the market in late kerb deals wiped out within just one hour the grains accumulated over several weeks. To illustrate, Tata Steel slumped from Rs 123 to Rs 112, Indian Iron from Rs 19.20 to Rs 18, Century from Rs 762 to 695, National Rayon from Rs 586 to Rs 500, Standard from Rs 634 to Rs 560, Tata Engineering from Rs 287 to Rs 250 and Indian Dyestuff from Rs 341 to Rs 300. Latest quotations show an alt-round moderate recovery.

Mild Shake-Out

in the contest of will and nerves that dominates the cold war. The military and non-military functions are related because military strategy is a major medium through which the allies exert their political influence, not only with respect to the adversary but also with respect to each other. Thus Britain had adopted an independent nuclear programme to strengthen its special relationship with the US; West Germany's ardent support of military integration enabled it to become a major power on the Continent without arousing domestic or allied apprehension and Germany's allies have regarded its contribution to NATO as an instrument of restraint; France's withholding of naval and air units from integration, and its independent nuclear programme were attempts to improve its general status in the alliance. The progressive entanglement of the United States in the military and political policies of Western Europe and the progressive entanglement of the major European allies in each other's policies is unmistakably obvious. At the root of NATO's present troubles is a complex of related strategic issues

Need for Discipline

Need for Discipline Nishtar BEARS were on the run, hotly chased by the aggressive bulls. Equities simply soared. It was the sharpest rise that the stock market had had for any single week for months. In fact, rarely has the market been known to perform such a feat. What is more, there was very little in the news to explain last week's tremendous upsurge on a very wide front covering cleared as well as non-cleared securities. Surely, the announcement of $ 13 million IBRD loan and

Naked Manipulation

who are sticklers for timely deliveries, may well get fed up and cancel some of the contracts. Should that happen, the Vizag and Paradip ports would become expensive showpieces.

Struggling Forward

in every department, the establishment of a 'long-term planning unit' in every department and, the entrusting of maintenance and operations of large services and programmes to autonomous organisations. The Committee recommended a management cell because the Organisation and Methods Divisions had failed. Now the new management cells are supposed to include men with experience in scientific management of private sector enterprises. The British parallel holds for India in that, here, too, Organisation and Methods have degenerated into a ritual, and management cells have been partially staffed with persons with a background of management in private sector enterprises. This might well mean a change for the better in the procedures and machinery of governmental administration. On the other hand, given our present national planning outfit in the form of the Planning Commission, there would seem to be little room for such long-term planning cells within the Ministries themselves. Yet we do need to set the existing machinery on a more efficient basis so that, the Planning Commission is not lost in clearing detailed schemes and proposals, but is engaged in grasping long-term trends and potential, and in evaluating past and current policies and programmes. It can then be left to the departments in the Ministries to formulate schemes and proposals in view of the long-term policies. There is a great deal of scopefor improvement in this aspect of planning.


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