ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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is partly due to the steps taken towards modernisation of machinery and a fuller utilisation of capacity. On the other hand, the major portion of improvement in productivity in the jute industry materialised in the First Plan period itself. Apart from shortage of raw jute supplies, the trend during the later period is also perhaps an indication that the process of modernisation was not yet completed in that industry. In the iron and steel industry, although, capital/ labour ratio was fairly high, the increase in productivity was relatively small owing to the high levels of productivity already attained in the base year and the long gestation period in the new units of this industry. (4) The wage component of total industrial costs was relatively small (less than one-fifth of total costs) and the wage-cost ratio declined somewhat over the years except in cotton and jute textiles. (5) This falling trend in the wage-cost ratio holds good even if the overall share of labour cost (i e, salaries and wages) is taken as a percentage of total costs of industrial output.

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