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

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THE ECONOMY-Abdication by Government

THE ECONOMY Abdication by Government (From a Special Correspondent) THE index number of wholesale prices (base: 1961-62=100) galloped by 64.4 index points in 1973-74 (from 218.5 to 282.9) compared with a rise of 26.2 points in the previous year. These two years together have added 90.6 points to the index or roughly equal to the rise (92.3 points) in the previous ten years from 1961-72. In percentage terms, the rise in prices works out to 29.5 per cent in 1973-74 on top of a rise of 13,6 per cent in 1972-73. The highest increase in any year in the past was 15.6 per cent in 1966-67. Taking the last two years together, the rise in the index comes to over 47 per cent. The average index for J 973-74 at 254 (which should broadly reflect the national income deflator) shows a rise of 22.7 per cent as compared with a rise of 9.9 per cent in 1972-73. In the previous three years, the annual average indices had shown modest increases: 3.9 per cent in 1969-70, 5.5 per cent Thus, the Fourth Five-Year Plan saw

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