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

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MAHARASHTRA-Hopeful Beginning

cent of GDP in 1992-93 to 10.8 per cent in 1993-94and further to 11.1 percent in 1994- 95. This coincided with the massive injection of financial assets into the system due to the portfolio capital inflow from abroad and there are strong grounds for believing that the estimation procedure is inflating household saving in the form of financial assets. Further, a significant part of the rise in domestic saving has emanated from improvement in private corporate sector saving, supported by a sharp rise in corporate profitability arising in part from increase in companies' 'other income' which is unlikely to be sustained in future. Finally, there are clear indications that the growth of financial assets in the economy has already suffered a sharp setback in 1995-96, to the point of reversing the increases of the past two years.

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