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

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Nigeria on the Brink

continue to be employed in large- scale industry and trade, but an increasing part of it must be diverted by statute to new directions. A programme of branch expansion in un- banked areas must be laid down for the system and banks should be required to devote an increasing percentage of their total credit to agriculture and small industry, leaving it to them to choose individual proposals. For this purpose, agriculture THE Chief Ministers are not a dull lot. Far from it. Their own policies and budgetary performance might be deficient in many respects, but they are brimming over with ideas of what the Centre should do. The UP Chief Minister has let go with a proposal for demonetisation of the currency. Others, faintly aware of the British precedent but quite certain of the dangers for themselves of a higher dearness allowance to Central employees, have suggested a freeze of incomes and prices. The monsoon, it was accepted long ago, is not amenable to policy declarations. There is, however, some lurking hope that incomes and prices can be made to behave if some appropriate noises are made. The conference of Chief Ministers in New Delhi was taken as the occasion for making these noises.

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