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

THE persistence of inflation has been one of the harsher failures of economic reform. It also undermines the whole edifice of stabilisation and structural adjustment. In the past it was open to the authorities to take quick steps to prevent inflation getting out of hand. This was possible because policy measures could be directed towards specific sectoral imbalances. However, in the milieu of economic liberalisation, the authorities' ability to contain inflation is severely constrained. Administrative action, such as under the Essential Commodities Act, against stockpiling and other speculative operations of traders and businessmen is virtually ruled out under the present dispensation.

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