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

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WEST BENGAL-Damning Indictment

Urban Bias of Development A CONSPICUOUS, and very significant, structural feature of the Indian economy has been the rapid expansion of money, banking and finance. M3 , the measure of broad money, has crossed Rs 2,00,000 crore for an estimated GDP (at current market prices) of Rs 4,00,000 crore; currency in circulation has exceeded Rs 40,000 crore, and bank deposits are over Rs 1,50,000 crore. The pace of expansion of these aggregates has been nothing short of mind-boggling. For example, M, which stood at Rs 55,000 crore in March 1981 had jumped to a little over Rs 1,00,000 crore by March 1985 and has now crossed the Rs 2,00,000 crore mark. Similarly, bank deposits were Rs 41,000 crore in March 1981, by March 1985 they had grown to nearly Rs 79,000 crore and now stand at Rs 1,50,000 crore.

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