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

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BANKS-Structural Decline

to rise even as revenue collections fell short of targets, resulting in, particularly during the second half of the year, mounting fiscal imbalances. Further, the rapid foreign exchange accruals, the equivalent of nearly Rs 24,000 crore in the second half of 1993- 94, injected massive amounts of liquidity into the system. Finally, there has emerged a situation of relative shortage of foodgrains and other agricultural commodities. Though the country has experienced six continuous years of good rainfall, the actual year-to- year increases in foodgrains production after the initial jump has been meagre, just about 6 per cent over six years from 169.9 million tonnes in 1988-89 to 180.5 million tonnes in 1993-94.

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