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

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is reflected in the unbridled credit expansion which is completely at variance with the stagnation in real output and the sharp rise in prices. Bank credit expanded by Rs 1,338 crores (14.2 per cent) in 1973-74 on top of the increase of Rs 1,274 crores (15.7 per cent) in 1972-73 and Rs 998 crores (or 14 per cent) in 1971-72. The expansion in bank credit of as much as Rs 3,610 crores, or by over 50 per cent, in the past three years was accompanied by an increase in real national income of only 6 per cent.

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