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

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POLITICS-Two Yadavs Again

cash flows. Despite a rise in sales of just 8.6 per cent, net profits of a large sample of companies rose by 143 per cent in 1997-98, Overall, the financial position of the corporate sector has improved notably in the post- reform period, but the same cannot be said of its operational efficiency. Instead business groups and company managements have been preoccupied with protecting themselves through devices such as buy-back of shares for which outfits such as FICCI and CII have been shouting themselves hoarse. The culpability of the government for the ills of the capital market is manifold. It has gone through the motions of creating independent regulatory bodies like the SEBI but has retained bureaucratic control over them. It has also by and large gone along with the narrow outlook of the stock-broking fraternity in its search for measures intended to pep up the stock markets, such as buy- back of shares, instead of focusing on policies calculated to foster competition and enhance productivity of business and industry.

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