ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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BIHAR-Madhuban Landless Labour to Poor Peasant

forms or for enforcing the ceiling on landholdings and then to conveniently forget about these matters? Can reliance be placed on sophisticated fiscal and monetary instruments to clear the path for growth even as the investment and production pattern is left to market forces to determine? Above all, in the context of the budget- making exercises for the next financial year, the question that has arisen is whether even conventional tax measures for raising resources for investment in the public sector can be dispensed with. The finance minister's sharp reaction to pleas for more fiscal concessions to the private corporate sector is significant in this context. This is no indication of the fiscal measures that he will actually present in his budget for the next year, since it is known that the initiative of the finance ministry in budget-making is not as complete as it is generally believed to be and forces and lobbies are at work now which exercise much greater influence on decision-making than was the case before the Emergency. But the reactions and the public utterances of the finance minister indicate the kind of problems that have to be reckoned with and cast doubts about the efficacy of the basic philosophy which had inspired last year's budget proposals.

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