ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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States as Sinners

THE loss of objectivity engendered by the structural adjustment and stabilisation policies is evidently all- pervasive, affecting also institutions which are expected to be independent and objective. A case in point is the Reserve Bank of India's assessment of the state governments' finances and its general attitude to centre-state financial relations. One discerns, first, a tendency to be generous with criticism of the state governments and, second, total preoccupation with the mechanical nostrums of structural adjustment and stabilisation, altogether ignoring basic developmental issues, in particular the role of public expenditure in development.

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